The U.S. Commodity Futures Trading Commission (CFTC) has argued that a federal judge made an error in allowing prediction market platform Kalshi to list and trade election contracts. The CFTC claims that the judge ignored the definitions of terms under the Commodity Exchange Act and wrongly barred the agency from examining transactions involving gaming. Last month, the judge ruled that the CFTC could not prevent Kalshi from listing election contracts. The regulator sought a stay from the appeals court, but the court ruled that the CFTC had not shown there would be irreversible harm. As a result, Kalshi has listed various events contracts tied to the 2024 election on its platform. The CFTC argues that Kalshi is listing numerous election betting contracts and using expansive definitions of gaming.



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