Kalshi foresees significant financial loss if prohibited from trading 2024 election contracts

Kalshi, an American prediction market company, argued in a recent filing that it would suffer significant, irreversible financial harm if it is barred from allowing bets on the 2024 election outcomes, as per CoinDesk. Although a federal judge last week ruled in favor of allowing Kalshi's political prediction markets to operate in the U.S., the U.S. Commodity Futures Trading Commission (CFTC) is appealing this decision. Kalshi argues that if it can't trade its congressional control contracts during the appeal, these contracts will become irrelevant and lose their financial value, as they depend on the current election cycle. According to Kalshi, this situation could effectively allow the CFTC to achieve its objective of stopping these trades, despite losing the initial court case.