Court rules prediction market Kalshi’s US election betting is legal

The U.S. Commodity Futures Trading Commission’s (CFTC) emergency motion for a stay and immediate interim relief in the case against prediction market Kalshi has been dismissed.

Following Kalshi’s successful lawsuit against the CFTC, the Commission filed a motion in preparation for her appeal requesting a delay in Kalshi’s ability to resume offering prediction markets in elections.

According to the opinion accompanying the denial of the request, the CFTC “has not demonstrated at this time that it or the public will suffer irreparable harm” if a stay or immediate relief is not issued.

However, the statement also states that “the issue is narrow and difficult in substance.”

In a separate side note, the report also raises the question of whether this is the case or not Polymarket has complied with its obligation to block access to US persons.