Wagering on elections in the United States using event contracts may now seem like an established thing – after all, millions were bet this past November – but there is still an effort ongoing in the courts to put a stop to that action.
The latest chapter in that legal saga was an hour-and-a-half of oral arguments made on Friday before judges of the U.S. Court of Appeals for the D.C. Circuit involving a lawsuit between the Commodity Futures Trading Commission (CFTC) and prediction market Kalshi.
Kalshi prevailed in a lower court last year after a D.C. District Court judge found contracts tied to the outcome of congressional elections did not involve unlawful activity or “gaming,” and therefore did not trigger a “special rule” allowing for CFTC review.
