Kalshi challenges CFTC over election prediction market ban

Kalshi, a prediction market platform, continues its legal battle with the CFTC over its attempt to block election-related event contracts. The CFTC argued these contracts constitute "gaming" and violate public interest, but a District Court ruled in Kalshi's favor, stating the regulator exceeded its authority under the Commodity Exchange Act. According to CoinDesk, the CFTC's appeal to broaden the definition of gaming to include political contests was denied by both the District Court and a federal appeals court, which found no concrete evidence of public harm. Kalshi maintains that only Congress can authorize the CFTC to prohibit election prediction markets and has urged the appellate court to uphold the lower court's decision.