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Paradigm files legal brief supporting prediction market platform Kalshi’s lawsuit against CFTC
02/02 12:41
Paradigm, the venture capital firm led by Coinbase co-founder Fred Ehrsam, has filed a legal brief in support of prediction market platform Kalshi’s lawsuit against the Commodity Futures Trading Commission (CFTC). In a lawsuit filed in November, Kalshi asked the court to reverse the CFTC's decision to block Kalshi's plan to wager a congressional race. The CFTC concluded that Kalshi was engaging in illegal gambling activities "contrary to the public interest." Paradigm is not an investor in Kalshi, but in an amicus brief filed Thursday, the company argued that such contracts can help companies, including cryptocurrency startups, hedge risks while having a positive impact on the public. Spillover Effect. (CoinDesk)
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