Kalshi, a prediction market platform, has argued in court that only Congress, not the U.S. Commodity Futures Trading Commission (CFTC), has the authority to ban election betting. Last year, the CFTC attempted to block Kalshi from listing certain event contracts that allowed traders to bet on the political party that would control the House or Senate after the November elections, claiming it involved illegal gaming. Kalshi sued the CFTC, and the District Court ruled in its favor, rejecting the CFTC's interpretation of the law. The CFTC is now appealing the decision, seeking to broaden the definition of gaming to include political contests. Kalshi maintains that the CFTC's decision exceeded its statutory authority, and Congress must explicitly authorize the prohibition of election prediction markets.



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