US regulator moves to drop appeal against Kalshi
The US Commodity Futures Trading Commission (CFTC) is seeking court permission to drop its appeal against prediction market Kalshi, potentially allowing the platform to offer political event contracts without contest. A May 5 filing in the US Court of Appeals for the District of Columbia Circuit included an unopposed motion for voluntary dismissal, indicating an agreement with Kalshi. If approved, this motion would conclude the CFTC's appeal against a ruling that prevented it from barring Kalshi from listing political event contracts. Kalshi stated it would cover its own legal costs if the motion is granted. The platform initially sued the CFTC in 2023 after being ordered to stop offering political contracts and won in a lower court, leading to the CFTC's appeal in September 2024. The case's handling coincided with a change in administration, and CFTC officials have expressed support for election prediction markets. Kalshi, launched in 2021, gained popularity among crypto users, particularly for bets related to the 2024 US election.
