In a court filing dated September 6, the CFTC requested a 14-day stay of the court’s order, stating that it requires more time to analyze the full reasons behind the judge’s decision. Without this explanation, the regulator noted that it would be unable to make a fully informed judgment on whether to submit an appeal or prepare a thorough move for future litigation.
The CFTC expressed worry that Kalshi may rush to list the election contracts, despite the fact that the business had already declared on its website that these markets will be available shortly.
This legal struggle followed Judge Jia Cobb’s order, which permitted Kalshi to provide betting contracts related to the November 4 elections in the United States. Lawyers for Kalshi hailed the verdict as a big success, but highlighted the need of studying the judge’s whole opinion.
The CFTC’s original objection to Kalshi’s election betting contracts was based on worries that such activities might be considered illegal gambling and may not be in the public interest.
The CFTC has filed an emergency move to prevent Kalshi from issuing election betting contracts after a court reversed an earlier decision. The CFTC is requesting a temporary stay to review the court’s ruling, citing concerns that Kalshi may issue the contracts without additional regulatory monitoring.
