CFTC Reiterate Stance against Election Betting at Kalshi Court Hearing
CryptoNewsTerminal Staff19 Sep, 2024
CFTC Reiterate Stance against Election Betting at Kalshi Court Hearing
According to The Block, at a court hearing on the US Commodity Futures Trading Commission's (CFTC) order to ban cryptocurrency-based prediction market Kalshi from offering election betting, the CFTC again emphasized that it "cannot accept the favorable verdict towards Kalshi." The CFTC argues that "If Kalshi is allowed to continue operating election betting as the court's decision, there will be a lot of high-stakes betting on the upcoming November elections. This will damage the sanctity of the election." Kalshi, on the other hand, emphasizes that "the CFTC's order to ban betting is an abuse of authority." Earlier, after Kalshi won a federal lawsuit against the CFTC, the CFTC requested a 14-day ban on Kalshi's political betting.
