TechFlow news, October 18 — According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) filed a preliminary brief with the appeals court, claiming that the federal judge's ruling allowing prediction market platform Kalshi to list and trade election-related contracts was "erroneous."
CFTC lawyers reiterated multiple arguments previously made in lower court proceedings, stating that the district court judge ignored definitional terms in the Commodity Exchange Act and "arbitrarily" barred the agency from reviewing "transactions" involving gambling.
Last month, the judge ruled that the CFTC could not block Kalshi from listing election contracts. Following this decision, Kalshi launched several event contracts tied to the 2024 election, including outcomes of the presidential race and electoral results by state.
