It seems unlikely that people, including members of Congress, are in favor of having a financial regulatory body oversee elections.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the importance of this legal struggle remains significant as it unfolds.
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2024-09-20 11:15
It seems unlikely that people, including members of Congress, are in favor of having a financial regulatory body oversee elections.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the importance of this legal struggle remains significant as it unfolds.
Read More
Sorry. No data so far.
2024-09-20 11:15
According to Rob Schwartz, general counsel at the CFTC, this matter is significant and the district court’s ruling, which could be implemented soon, appears to have serious errors. If it stands, it would allow Kalshi to instantly launch its futures exchange for high-stakes wagers on the upcoming congressional elections in November.
Election Betting and Its Controversy
2023 marked the start of a dispute between the Commodity Futures Trading Commission (CFTC) and Kalshi, when the former objected to Kalshi’s plan to sell futures contracts tied to congressional election results. Just recently, US District Judge Jia M. Cobb declared that the CFTC had exceeded its legal jurisdiction by refusing to approve Kalshi’s contracts. As a reaction, the CFTC submitted an urgent appeal to put a hold on this ruling.
At the heart of the CFTC’s case lies their worry that permitting wagers on political occurrences might undermine public faith in American elections. Rob Schwartz, the CFTC’s legal advisor, cautioned that such bets could compromise the integrity of elections.
Platforms such as Kalshi, where users can place wagers on future events ranging from election outcomes to sporting results, have been receiving growing attention. Notably, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has highlighted a significant surge in event contracts since 2021, underscoring the unique regulatory hurdles they present.
At the hearing, the discussion primarily revolved around the methodology used by the CFTC to distinguish election bets from other forms of gambling such as sports or entertainment bets. The judges probed Schwartz for clarification regarding whether elections could be considered a “competition between others.
“We’re trying to figure what’s in and what’s out,” the judge said.
In response, Kalshi’s legal team countered by comparing election betting to sports betting, stressing the robust measures they have in place for identity verification to ensure a level playing field.
The judges are debating if wagering on elections is essentially different from common risk-management strategies such as those employed in agriculture or climate forecasting. This difference is crucial because it impacts the court’s broader understanding of the legal and social ramifications of permitting prediction markets for election results.
Election Betting Fate Awaits Ruling
Kalshi’s latest triumph in the district court represents a significant milestone; however, the outlook for election wagering remains uncertain. Legal teams from WilmerHale, on behalf of Kalshi, are hopeful that the appellate court will expedite their decision-making process, given the upcoming US elections. Both parties have presented their cases, and a swift verdict is expected.
As regulatory measures progress, a notable development occurred in May 2024. The Commodity Futures Trading Commission (CFTC) proposed a ban on event contracts pertaining to sensitive topics like gaming, terrorism, and assassination. Chair Behnam underscored the potential risks of managing election-related contracts, expressing his reservations about this aspect.
It seems unlikely that people, including members of Congress, are in favor of having a financial regulatory body oversee elections.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the importance of this legal struggle remains significant as it unfolds.
Read More
Sorry. No data so far.
2024-09-20 11:15
It seems to me that neither Congress nor the broader public appears to be in favor of having a financial regulatory body oversee election processes.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In anticipation of the decision, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory structures. As the upcoming US elections draw near, the importance of this legal dispute remains significant, with its outcome potentially shaping the landscape of these interconnected spheres.
According to Rob Schwartz, general counsel at the CFTC, this matter is significant and the district court’s ruling, which could be implemented soon, appears to have serious errors. If it stands, it would allow Kalshi to instantly launch its futures exchange for high-stakes wagers on the upcoming congressional elections in November.
Election Betting and Its Controversy
2023 marked the start of a dispute between the Commodity Futures Trading Commission (CFTC) and Kalshi, when the former objected to Kalshi’s plan to sell futures contracts tied to congressional election results. Just recently, US District Judge Jia M. Cobb declared that the CFTC had exceeded its legal jurisdiction by refusing to approve Kalshi’s contracts. As a reaction, the CFTC submitted an urgent appeal to put a hold on this ruling.
At the heart of the CFTC’s case lies their worry that permitting wagers on political occurrences might undermine public faith in American elections. Rob Schwartz, the CFTC’s legal advisor, cautioned that such bets could compromise the integrity of elections.
Platforms such as Kalshi, where users can place wagers on future events ranging from election outcomes to sporting results, have been receiving growing attention. Notably, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has highlighted a significant surge in event contracts since 2021, underscoring the unique regulatory hurdles they present.
At the hearing, the discussion primarily revolved around the methodology used by the CFTC to distinguish election bets from other forms of gambling such as sports or entertainment bets. The judges probed Schwartz for clarification regarding whether elections could be considered a “competition between others.
“We’re trying to figure what’s in and what’s out,” the judge said.
In response, Kalshi’s legal team countered by comparing election betting to sports betting, stressing the robust measures they have in place for identity verification to ensure a level playing field.
The judges are debating if wagering on elections is essentially different from common risk-management strategies such as those employed in agriculture or climate forecasting. This difference is crucial because it impacts the court’s broader understanding of the legal and social ramifications of permitting prediction markets for election results.
Election Betting Fate Awaits Ruling
Kalshi’s latest triumph in the district court represents a significant milestone; however, the outlook for election wagering remains uncertain. Legal teams from WilmerHale, on behalf of Kalshi, are hopeful that the appellate court will expedite their decision-making process, given the upcoming US elections. Both parties have presented their cases, and a swift verdict is expected.
As regulatory measures progress, a notable development occurred in May 2024. The Commodity Futures Trading Commission (CFTC) proposed a ban on event contracts pertaining to sensitive topics like gaming, terrorism, and assassination. Chair Behnam underscored the potential risks of managing election-related contracts, expressing his reservations about this aspect.
It seems unlikely that people, including members of Congress, are in favor of having a financial regulatory body oversee elections.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the importance of this legal struggle remains significant as it unfolds.
Read More
Sorry. No data so far.
2024-09-20 11:15
“We’re trying to figure what’s in and what’s out,” the judge said.
In a response, Kalshi’s legal team argued that wagering on elections mirrors sports betting in some aspects, and highlighted their rigorous identity validation procedures to ensure a level playing field.
The judges are debating if wagering on elections is essentially distinct from other risk-management strategies, such as those employed in agricultural or climate forecasting. Whether this difference holds significant weight in terms of law and society, as the court deliberates over the potential impact of permitting market predictions for election results.
Election Betting Fate Awaits Ruling
Kalshi’s latest win in the district court is a significant milestone, but it’s uncertain what this means for election wagering in the long run. Legal teams from WilmerHale, working on behalf of Kalshi, are hopeful that the appellate court will move swiftly given the upcoming US elections. Both sides have presented their cases, and a speedy decision is anticipated.
As regulatory developments progress, a significant development occurred in May 2024. At this time, the Commodity Futures Trading Commission (CFTC) proposed a ban on event contracts involving sensitive topics like gaming, terrorism, and assassination. Chair Behnam highlighted the potential risks associated with the CFTC regulating election-related contracts, expressing his reservations in these terms: “The oversight of election-related contracts presents certain challenges for us.
It seems to me that neither Congress nor the broader public appears to be in favor of having a financial regulatory body oversee election processes.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In anticipation of the decision, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory structures. As the upcoming US elections draw near, the importance of this legal dispute remains significant, with its outcome potentially shaping the landscape of these interconnected spheres.
According to Rob Schwartz, general counsel at the CFTC, this matter is significant and the district court’s ruling, which could be implemented soon, appears to have serious errors. If it stands, it would allow Kalshi to instantly launch its futures exchange for high-stakes wagers on the upcoming congressional elections in November.
Election Betting and Its Controversy
2023 marked the start of a dispute between the Commodity Futures Trading Commission (CFTC) and Kalshi, when the former objected to Kalshi’s plan to sell futures contracts tied to congressional election results. Just recently, US District Judge Jia M. Cobb declared that the CFTC had exceeded its legal jurisdiction by refusing to approve Kalshi’s contracts. As a reaction, the CFTC submitted an urgent appeal to put a hold on this ruling.
At the heart of the CFTC’s case lies their worry that permitting wagers on political occurrences might undermine public faith in American elections. Rob Schwartz, the CFTC’s legal advisor, cautioned that such bets could compromise the integrity of elections.
Platforms such as Kalshi, where users can place wagers on future events ranging from election outcomes to sporting results, have been receiving growing attention. Notably, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has highlighted a significant surge in event contracts since 2021, underscoring the unique regulatory hurdles they present.
At the hearing, the discussion primarily revolved around the methodology used by the CFTC to distinguish election bets from other forms of gambling such as sports or entertainment bets. The judges probed Schwartz for clarification regarding whether elections could be considered a “competition between others.
“We’re trying to figure what’s in and what’s out,” the judge said.
In response, Kalshi’s legal team countered by comparing election betting to sports betting, stressing the robust measures they have in place for identity verification to ensure a level playing field.
The judges are debating if wagering on elections is essentially different from common risk-management strategies such as those employed in agriculture or climate forecasting. This difference is crucial because it impacts the court’s broader understanding of the legal and social ramifications of permitting prediction markets for election results.
Election Betting Fate Awaits Ruling
Kalshi’s latest triumph in the district court represents a significant milestone; however, the outlook for election wagering remains uncertain. Legal teams from WilmerHale, on behalf of Kalshi, are hopeful that the appellate court will expedite their decision-making process, given the upcoming US elections. Both parties have presented their cases, and a swift verdict is expected.
As regulatory measures progress, a notable development occurred in May 2024. The Commodity Futures Trading Commission (CFTC) proposed a ban on event contracts pertaining to sensitive topics like gaming, terrorism, and assassination. Chair Behnam underscored the potential risks of managing election-related contracts, expressing his reservations about this aspect.
It seems unlikely that people, including members of Congress, are in favor of having a financial regulatory body oversee elections.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the importance of this legal struggle remains significant as it unfolds.
Read More
Sorry. No data so far.
2024-09-20 11:15
As a seasoned observer of financial markets and politics, I find myself deeply intrigued by this ongoing legal battle between Kalshi and the CFTC. Having spent decades navigating the complexities of both worlds, I can appreciate the nuances that make this case so fascinating.
On Thursday, September 19, 2024, the Commodity Futures Trading Commission (CFTC) stepped up its legal fight against prediction market platform Kalshi. The CFTC requested the United States Court of Appeals for the District of Columbia to prohibit election betting on the platform. Earlier, a district court had ruled in favor of Kalshi, allowing the company to offer contracts connected to U.S. elections.
The legal proceedings have shifted up to the appellate court, where Judges Patricia Millett, Cornelia Pillard, and Florence Pan will listen to arguments from both parties. Meanwhile, the Commodity Futures Trading Commission continues to express concerns about the potential threats to the authenticity of U.S. elections that could arise from election betting.
It seems to me that neither Congress nor the general populace appears interested in having an election-policing financial regulator at the federal level.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In anticipation of the court’s decision, it’s clear that this case carries substantial importance for the intersection of finance, governance, and democratic processes. Experts are encouraging Congress to develop more specific regulations to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the significance of this legal dispute remains significant as it unfolds.
“I believe it’s doubtful that Congress or the majority of people support a federal financial regulator enforcing election laws.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial importance for the convergence of finance, governance, and political systems. Experts are advising Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory structures. As the upcoming U.S. elections draw near, the tensions stay elevated with the legal dispute ongoing.
“We’re trying to figure what’s in and what’s out,” the judge said.
In a response, Kalshi’s legal team argued that wagering on elections mirrors sports betting in some aspects, and highlighted their rigorous identity validation procedures to ensure a level playing field.
The judges are debating if wagering on elections is essentially distinct from other risk-management strategies, such as those employed in agricultural or climate forecasting. Whether this difference holds significant weight in terms of law and society, as the court deliberates over the potential impact of permitting market predictions for election results.
Election Betting Fate Awaits Ruling
Kalshi’s latest win in the district court is a significant milestone, but it’s uncertain what this means for election wagering in the long run. Legal teams from WilmerHale, working on behalf of Kalshi, are hopeful that the appellate court will move swiftly given the upcoming US elections. Both sides have presented their cases, and a speedy decision is anticipated.
As regulatory developments progress, a significant development occurred in May 2024. At this time, the Commodity Futures Trading Commission (CFTC) proposed a ban on event contracts involving sensitive topics like gaming, terrorism, and assassination. Chair Behnam highlighted the potential risks associated with the CFTC regulating election-related contracts, expressing his reservations in these terms: “The oversight of election-related contracts presents certain challenges for us.
It seems to me that neither Congress nor the broader public appears to be in favor of having a financial regulatory body oversee election processes.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In anticipation of the decision, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory structures. As the upcoming US elections draw near, the importance of this legal dispute remains significant, with its outcome potentially shaping the landscape of these interconnected spheres.
According to Rob Schwartz, general counsel at the CFTC, this matter is significant and the district court’s ruling, which could be implemented soon, appears to have serious errors. If it stands, it would allow Kalshi to instantly launch its futures exchange for high-stakes wagers on the upcoming congressional elections in November.
Election Betting and Its Controversy
2023 marked the start of a dispute between the Commodity Futures Trading Commission (CFTC) and Kalshi, when the former objected to Kalshi’s plan to sell futures contracts tied to congressional election results. Just recently, US District Judge Jia M. Cobb declared that the CFTC had exceeded its legal jurisdiction by refusing to approve Kalshi’s contracts. As a reaction, the CFTC submitted an urgent appeal to put a hold on this ruling.
At the heart of the CFTC’s case lies their worry that permitting wagers on political occurrences might undermine public faith in American elections. Rob Schwartz, the CFTC’s legal advisor, cautioned that such bets could compromise the integrity of elections.
Platforms such as Kalshi, where users can place wagers on future events ranging from election outcomes to sporting results, have been receiving growing attention. Notably, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has highlighted a significant surge in event contracts since 2021, underscoring the unique regulatory hurdles they present.
At the hearing, the discussion primarily revolved around the methodology used by the CFTC to distinguish election bets from other forms of gambling such as sports or entertainment bets. The judges probed Schwartz for clarification regarding whether elections could be considered a “competition between others.
“We’re trying to figure what’s in and what’s out,” the judge said.
In response, Kalshi’s legal team countered by comparing election betting to sports betting, stressing the robust measures they have in place for identity verification to ensure a level playing field.
The judges are debating if wagering on elections is essentially different from common risk-management strategies such as those employed in agriculture or climate forecasting. This difference is crucial because it impacts the court’s broader understanding of the legal and social ramifications of permitting prediction markets for election results.
Election Betting Fate Awaits Ruling
Kalshi’s latest triumph in the district court represents a significant milestone; however, the outlook for election wagering remains uncertain. Legal teams from WilmerHale, on behalf of Kalshi, are hopeful that the appellate court will expedite their decision-making process, given the upcoming US elections. Both parties have presented their cases, and a swift verdict is expected.
As regulatory measures progress, a notable development occurred in May 2024. The Commodity Futures Trading Commission (CFTC) proposed a ban on event contracts pertaining to sensitive topics like gaming, terrorism, and assassination. Chair Behnam underscored the potential risks of managing election-related contracts, expressing his reservations about this aspect.
It seems unlikely that people, including members of Congress, are in favor of having a financial regulatory body oversee elections.
This legal dispute between Kalshi and the CFTC raises broader questions about prediction markets in politics. Without clear congressional guidelines, such conflicts are likely to persist. The future of election betting depends on the upcoming court decision, which could reshape how financial regulators handle emerging markets.
In the meantime, it’s clear that this case carries substantial weight at the crossroads of finance, governance, and democratic processes. Experts are advocating for Congress to set more defined rules to avoid future conflicts between emerging markets and existing regulatory systems. As the upcoming US elections draw near, the importance of this legal struggle remains significant as it unfolds.
Read More
Sorry. No data so far.
2024-09-20 11:15