PredictIt users are not taking the forced cessation of their political prediction market lying down, as some of the site’s traders and academic users and its market technology provider Aristotle International filed a federal lawsuit Friday against the Commodity Futures Trading Commission (CFTC).
The suit, as detailed in a letter to users from Aristotle International, seeks to block the CFTC from shutting down the site.
This lawsuit is coming on the heels of news that the CFTC is expected to rule by Oct. 28 as to whether to allow Kalshi to operate political futures markets.
Last month, the CFTC withdrew its “no-action” letter for PredictIt, effectively shutting down – as of Feb. 15, 2023 – the Victoria University of Wellington in New Zealand site for American users.
