{"id":1488690,"date":"2024-09-08T17:25:00","date_gmt":"2024-09-08T21:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1488690"},"modified":"2024-09-08T17:25:00","modified_gmt":"2024-09-08T21:25:00","slug":"cftc-submits-emergency-motion-to-block-kalshis-election-betting-contracts","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/cftc-submits-emergency-motion-to-block-kalshis-election-betting-contracts\/1488690\/","title":{"rendered":"CFTC Submits Emergency Motion To Block Kalshi’s Election-Betting Contracts"},"content":{"rendered":"

CFTC Submits Emergency Motion To Block Kalshi’s Election-Betting Contracts<\/span><\/p>\n

\n

Authored by Ciaran Lyons via CoinTelegraph.com,<\/em><\/a><\/p>\n

The United States regulator has urgently filed an emergency motion to block Kalshi, a US prediction market, from offering election betting contracts. The submission comes just hours after the judge’s decision to overturn a previous order halting Kalshi\u2019s election markets.<\/strong><\/p>\n

<\/a><\/p>\n

According to a Sept. 6 court\u00a0filing<\/a>, the US Commodity Futures Trading Commission\u2019s (CFTC) requested an \u201cemergency stay\u201d of the court\u2019s decision that overturned its order to prohibit Kalshi from listing its election contracts for trading.<\/p>\n

CFTC unable to make informed decision without court\u2019s reasoning<\/h2>\n

The regulator requested that the court \u201cstay the vacatur\u201d for 14 days following the issuance of its detailed opinion explaining why it overruled the order.<\/p>\n

The CFTC argued that without the \u201cbenefit of the Court\u2019s reasoning,\u201d it is unable to make an informed decision \u201cwhether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.\u201d<\/p>\n

\u201cTime is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list,\u201d <\/strong><\/em>the CFTC explained.<\/p>\n

It supported its reasoning by pointing out that Kalshi has already announced on its homepage, \u201cElection Markets are Coming to Kalshi!\u201d<\/strong><\/em><\/p>\n

<\/a><\/p>\n

Kalshi published an announcement on its website shortly after the judge\u2019s ruling. Source: Kalshi<\/em><\/p>\n

The filing comes on the same day as Judge Jia Cobb of the US District Court for the District of Columbia\u00a0ruling in favor of Kalshi offering products<\/a>\u00a0that allow people to bet on who will win the US election on Nov. 4.<\/p>\n

Lawyers say ruling was a \u2018huge win\u2019 for Kalshi<\/h2>\n

Variant Fund chief legal officer Jake Chervinsky\u00a0stated<\/a>\u00a0in a Sept. 7 X post that Kalshi had a \u201cHUGE win,\u201d but similarly, he would like to see the judicial opinion first.<\/p>\n

\u201cI want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to FILE MORE LAWSUITS,\u201d Chervinsky added.<\/em><\/p>\n

The CFTC initially submitted the order in September 2023 arguing that \u201cthe CFTC determined the contracts involve gaming and activity that is unlawful under state law and are contrary to the public interest.\u201d<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 09\/08\/2024 – 13:25<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/cftc-submits-emergency-motion-block-kalshis-election-betting-contracts<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

CFTC Submits Emergency Motion To Block Kalshi’s Election-Betting Contracts Authored by Ciaran Lyons via CoinTelegraph.com, The United States regulator has urgently filed an emergency motion…<\/p>\n","protected":false},"author":0,"featured_media":1488691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1488690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1488690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1488690"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1488690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1488691"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1488690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1488690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1488690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}