Kalshi faces off with CFTC in election betting debate this week
Each group will have a brief window to state its position before a Circuit Court panel.
The Commodity Futures Trading Commission (CFTC) and Kalshi are scheduled to hold a short debate in court this week regarding the recent decision to temporarily freeze election betting.
Both parties will have 15 minutes to present their positions during a hearing on September 19 at 2PM. The CFTC and Kalshi will present their arguments before a panel of three Circuit Court judges.
Election betting in the US has been a topic of controversy during the past several months.
The Court of Appeals for the District of Columbia Circuit recently put the issue of election betting on hold following a court ruling in favor of Kalshi.
The appeals court issued an order to “temporarily freezing the matter until it can consider and rule on the issue.”
Federal judge Jia Cobb ruled in favor of allowing Americans to bet on the outcome of the upcoming US election. Following the ruling, Kalshi set up election betting venues for US players.
However, the CFTC appealed Cobb’s ruling within hours of the decision and all election betting options were removed from Kalshi’s website.
Prior to Judge Cobb’s ruling to allow election betting, the CFTC had ordered Kalshi not to offer derivatives that would allow players to wager on the election.
Lawmakers expressed concern for voters and noted that rebuilding trust should be prioritized over a focus on wages.
They also said that allowing election betting could potentially create mistrust in the election process and sent a letter to the CFTC that outlined their concerns.
The letter was signed by several government leaders, including Senators Jeff Merkley, Richard Blumenthal, Chris Van Hollen, Elizabeth Warren and Sheldon Whitehouse, along with (Representatives Eleanor Holmes Norton, Jamie Raskin and John Sarbanes.
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