logo

CFTC Backs Off: Kalshi Nears Victory in Battle to List Political Betting Contracts

By: cryptosheadlines|2025/05/07 09:15:01
Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com The U.S. Commodity Futures Trading Commission (CFTC) has asked a federal court to dismiss its own appeal against prediction market Kalshi, signaling a major shift in regulatory tone toward political event betting in the U.S. In a May 5 filing to the U.S. Court of Appeals for the District of Columbia Circuit, the CFTC’s legal team submitted an unopposed motion for voluntary dismissal—a request that, if approved, could bring an end to a legal saga that began with the regulator’s opposition to Kalshi’s election-based markets.A Sudden Reversal in the Kalshi CaseKalshi, which gained significant traction ahead of the 2024 U.S. elections by offering users the ability to bet on political outcomes, responded swiftly. In a May 6 post on X, the platform declared, “Election markets are here to stay,” echoing the very sentiment that has been central to its legal argument all along. In a joint court filing, Kalshi agreed to cover all its own court costs and legal fees, possibly as part of a broader understanding with the regulator.The decision to drop the appeal arrives at a curious time—after a change in U.S. administration and leadership at the CFTC. Acting Chair Caroline Pham, appointed under President Donald Trump, appears to represent a shift from her predecessor’s stance. Commissioner Summer Mersinger, a Biden appointee, had already voiced support earlier this year, stating publicly that political markets were “here to stay.”Change in Administration, Change in Tone?Back in 2023, Kalshi sued the CFTC after it was ordered to cease offering political contracts. While the firm triumphed in the lower courts, the CFTC’s subsequent appeal in September 2024 had placed the matter on shaky ground. Now, with the regulator seemingly retreating, Kalshi may finally secure its position as a legitimate platform for political forecasting.The case also reflects a broader ideological rift: while previous CFTC leadership warned that political betting posed risks of “spectacular manipulation,” the current administration seems more open to treating such markets as viable and self-regulating.Kalshi’s journey, from regulatory roadblocks to legal vindication, marks a pivotal moment not just for crypto-linked prediction markets, but also for how the U.S. may treat speculative platforms that blend finance, politics, and technology in a post-2024 world.Source link
FoxWallet Integrates Ice Open Network To Scale Online+ Web3 Social Layer
Weakened Merz doesn’t do too much damage – ING

You may also like

Share
copy

Gainers

Latest Crypto News

04:45

Wall Street Analyst Warning: This Year's "Santa Claus Rally" May Be Absent as Investors Buy More Downside Protection

04:45

The market is widely betting that Haslet will be elected the new Federal Reserve chair.

04:45

Yearn: yETH Vault Exploited in a Sophisticated Attack, Event Similar to Previous Balancer Incident

04:15

The Wise Investor invested $179,800 in PIPPIN one month ago, and now has an unrealized gain of $1,350,000.

04:15

「HYPE Listing Insider Whale」's 5x HYPE Long Position is currently at a $10.87 million unrealized loss

Read more
Community
icon
icon
icon
icon
icon
icon
icon
icon

Customer Support@weikecs

Business Cooperation@weikecs

Quant Trading & MM[email protected]

VIP Services[email protected]