Federal Judge Rules CFTC Cannot Block Political Prediction Market

According to Odaily, a federal judge in the District of Columbia, Jia Cobb, has issued a formal opinion stating that the U.S. Commodity Futures Trading Commission (CFTC) does not have the authority to conduct a 'public interest review' to prevent Kalshi from listing a political prediction market in the United States. Judge Cobb clarified that Kalshi's contracts do not involve illegal activities or gambling but are related to elections, which fall outside the CFTC's jurisdiction. The U.S. Congress has already revoked the CFTC's authority to publicly review certain proposed futures contracts, specifying that only contracts related to terrorism or gambling fall under their purview.