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The Coin Rise 2025-05-07 08:30:39

CFTC Backs Off: Kalshi Nears Victory in Battle to List Political Betting Contracts

CFTC Backs Off: Kalshi Nears Victory in Battle to List Political Betting Contracts

The U.S. Commodity Futures Trading Commission (CFTC) has asked a federal court to dismiss its own appeal against prediction market Kalshi, signaling a major shift in regulatory tone toward political event betting in the U.S. In a May 5 filing to the U.S. Court of Appeals for the District of Columbia Circuit, the CFTC’s legal team submitted an unopposed motion for voluntary dismissal—a request that, if approved, could bring an end to a legal saga that began with the regulator’s opposition to Kalshi’s election-based markets . A Sudden Reversal in the Kalshi Case Kalshi, which gained significant traction ahead of the 2024 U.S. elections by offering users the ability to bet on political outcomes, responded swiftly. In a May 6 post on X, the platform declared, “Election markets are here to stay,” echoing the very sentiment that has been central to its legal argument all along. In a joint court filing, Kalshi agreed to cover all its own court costs and legal fees, possibly as part of a broader understanding with the regulator. The decision to drop the appeal arrives at a curious time—after a change in U.S. administration and leadership at the CFTC. Acting Chair Caroline Pham, appointed under President Donald Trump, appears to represent a shift from her predecessor’s stance. Commissioner Summer Mersinger, a Biden appointee, had already voiced support earlier this year, stating publicly that political markets were “here to stay.” Change in Administration, Change in Tone? Back in 2023, Kalshi sued the CFTC after it was ordered to cease offering political contracts. While the firm triumphed in the lower courts, the CFTC’s subsequent appeal in September 2024 had placed the matter on shaky ground. Now, with the regulator seemingly retreating, Kalshi may finally secure its position as a legitimate platform for political forecasting. The case also reflects a broader ideological rift: while previous CFTC leadership warned that political betting posed risks of “spectacular manipulation,” the current administration seems more open to treating such markets as viable and self-regulating. Kalshi’s journey, from regulatory roadblocks to legal vindication, marks a pivotal moment not just for crypto-linked prediction markets, but also for how the U.S. may treat speculative platforms that blend finance, politics, and technology in a post-2024 world. The post CFTC Backs Off: Kalshi Nears Victory in Battle to List Political Betting Contracts appeared first on TheCoinrise.com .

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