CFTC Files Motion To Shut Down Kalshi’s Election Markets After Betting Platform’s ‘Huge Win’ Against Regulator

The Commodity Futures Trading Commission (CFTC) is seeking to shut down Kalshi’s election betting markets following a legal victory by the firm. The CFTC has asked a US court for an emergency stay of a judge’s decision that overturned the regulator’s order to stop Kalshi from offering election betting contracts. The CFTC argues that it needs the court’s reasoning to decide whether to appeal. The regulator is seeking a quick decision as Kalshi plans to launch its election betting as soon as this week. The judge’s previous ruling was described as a “huge win” for Kalshi by crypto lawyer Jake Chervinsky.