The Commodity Futures Trading Commission (CFTC) has filed an emergency motion asking a federal judge to grant a temporary stay of her decision in favor of prediction market platform Kalshi. The CFTC is seeking to prevent Kalshi from listing election markets for at least 14 days, as it says it cannot make an "informed decision" about whether to appeal the judge's ruling until it knows her as-yet-unpublished rationale.

Last year, the CFTC had forbidden Kalshi from listing contracts betting on which party would control each house of Congress after the November election, arguing such contracts would amount to unlawful gaming and be "contrary to the public interest." Kalshi then sued, and in a ruling on Friday, the judge sided with the platform, though she did not provide her full reasoning.

The CFTC's emergency motion seeks to buy time as it weighs an appeal. If granted, the stay would mean Kalshi would not be allowed to list its election markets until late September at the earliest. The company has been locked out of this year's election betting boom, which has been dominated by crypto-based rival Polymarket, which is barred from serving U.S. residents under its own settlement with the CFTC.

Source: https://www.coindesk.com/policy/2024/09/07/cftc-pleads-with-judge-to-block-kalshi-election-contracts-for-14-days/

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