Prediction Market Kalshi Sues CFTC After Denial of Congressional Election Betting Contracts
-
Kalshi is suing the CFTC for denying its request to offer event contracts for betting on U.S. Congressional election outcomes.
-
Kalshi argues these contracts allow businesses and individuals to hedge risk related to political events.
-
The CFTC denied the request, saying the contracts are unlawful gaming contrary to public interest.
-
Another prediction market, PredictIt, has been allowed to operate under a CFTC no-action letter.
-
Critics say Kalshi's contracts could undermine integrity of U.S. elections amid existing concerns.
