(Bloomberg) -- Kalshi Inc. started taking wagers on the 2024 congressional elections less than an hour after a federal judge allowed the exchange to let...
-- Kalshi Inc. started taking wagers on the 2024 congressional elections less than an hour after a federal judge allowed the exchange to let Americans bet as much as $100 million on the outcome. Kalshi posted new event contracts at 12:15 p.m. Thursday after a hearing concluded with US District Court Judge Jia Cobb denying the Commodity Futures Trading Commission ’s repeated requests to block the listings.
The CFTC said in recent legal briefings that if the court allows the elections contracts to move forward, the agency would have little power to prevent other exchanges that are already registered with the swaps and futures regulator from doing the same. Opponents of the elections-based swaps say they make US elections more vulnerable to manipulation and trading on insider knowledge.At least one other platform has indicated it will also jump into the fray. Interactive Brokers Group Inc.
Kalshi had earlier called the move “an unlawful agency power grab that corrupts and dramatically expands” the CFTC’s statutory mandate. Kalshi sees the ability to list elections-themed contracts, already popular on other unregistered exchanges such as Polymarket and PredictIt, as a game-changing move to increase volume and the number of users and compete with other companies.US Oil Boom Turns Kamala Harris Into an Unlikely Fracking SupporterGreg Montoya explains that although the area is underserved, the lots are huge, so developers see the potential in building multiple units on them.B.C.
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