The Commodity Futures Trading Commission (CFTC) late Monday voluntarily withdrew its appeal in federal court in a case against prediction-market provider Kalshi. In September, the U.S. District Court for the District of Columbia ruled in Kalshi’s favor, allowing it to offer event contracts on the November 2024 presidential election. That ruling will now stand.
At about the same time, the agency posted on its website that employees there have been placed on “administrative leave” for potential violations. It’s unclear which or how many employees are on leave or if the agency is temporarily shutting down.
Since the September court ruling, Kalshi has been active in court in other states, and 11 days ago [CFTC] canceled a scheduled April 30 roundtable that was supposed to allow stakeholders to voice thoughts about what role prediction markets have — and what impact an expansion into sports events contracts might have — on the gambling landscape nationwide.
