CFTC Urgently Moves to Block US Prediction Market's Election Betting Contracts

• The US regulator, the Commodity Futures Trading Commission (CFTC), has urgently filed an emergency motion to block Kalshi, a US prediction market, from offering election betting contracts.
• The CFTC argues that without the court's reasoning, it is unable to make an informed decision on whether to appeal.
• Kalshi celebrated the judge's decision to overturn the previous order halting its election markets.
• Judge Jia Cobb ruled in favor of Kalshi, allowing the platform to offer derivatives for betting on the US presidential election.
• The CFTC has filed an emergency motion to stay the judge's decision for at least two weeks.
• Kalshi's victory represents a win for prediction markets and could allow the platform to compete with crypto-based rival Polymarket.

Summary :
The United States regulator, the Commodity Futures Trading Commission (CFTC), has urgently filed an emergency motion to block Kalshi, a US prediction market, from offering election betting contracts. This comes after a judge's decision to overturn a previous order halting Kalshi's election markets. The CFTC argues that without the court's reasoning, it is unable to make an informed decision on whether to appeal or fully brief a motion for stay pending any forthcoming appeal. The regulator is concerned that if Kalshi lists its contracts for trading, it will have limited recourse to cease trading or unwind the contracts, causing irreparable harm. Kalshi celebrated the judge's ruling on its website, announcing that US election markets are coming to Kalshi. The CFTC has the opportunity to appeal the decision.

Sources :

- CoinTelegraph
- TheBlock
- CoinTelegraph
- Coindesk
- Coindesk