U.S. CFTC Chairman: Kalshi prediction market illegal despite court ruling

"This is a situation that we think is against the law,” Rostin Behnam the Chairman of the Commodity Futures Trading Commission (CFTC), said in a statement after a U.S. federal court ruled that the CFTC’s attempt to ban Kalshi from operating a prediction market was an abuse of power. According to CoinDesk, he was speaking at a financial policy event at Georgetown University and emphasized that "if folks really want to see these markets emerge, scale and develop ... it should be done at the state level within the gambling industry." The CFTC is expected to appeal the court’s decision.