CandleFocus Activist Group Says Kalshi’s Election Market Should Be Shut Due to 'Manipulative' Whales
2024-10-24
Author: Content Editor
Better Markets, an activist group that advocates for stricter financial regulations, has filed a friend-of-the-court brief in support of the Commodity Futures Trading Commission's appeal to prevent Kalshi from offering event contracts on U.S. elections. The group cites activity on Polymarket, a crypto-based offshore rival, where a few accounts have made bets worth tens of millions on Donald Trump winning the presidency. The group suggests that this activity could be market manipulation or an attempt to create a false impression of momentum for Trump. However, a prediction market veteran believes the motives are profit-driven rather than electoral. Kalshi recently received permission to offer election markets after an administrative stay was lifted by the appeals court. As of Thursday afternoon, both Polymarket and Kalshi show Trump ahead in the election according to probabilities.
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