CandleFocus U.S. Election Betting: Court Ends Pause on Kalshi's Congressional Contracts
2024-10-02
Author: Content Editor
Kalshi, a U.S.-regulated prediction market, has been given permission to resume listing contracts on its platform for predicting which political party will control each house of Congress. The U.S. Court of Appeals denied a motion by the Commodity Futures Trading Commission (CFTC) to halt the contracts, pending the agency's appeal of the case it lost to Kalshi. The CFTC had previously denied Kalshi's application to list election contracts, claiming they constituted gaming and were against the public interest. Despite the legal battle, Kalshi's crypto-powered rival, Polymarket, has seen significant success with over $1 billion staked on its prediction market for the presidential election. Kalshi plans to resume listing the contracts soon.
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