{"id":128716,"date":"2025-05-06T22:17:29","date_gmt":"2025-05-06T22:17:29","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128716"},"modified":"2025-05-06T22:17:29","modified_gmt":"2025-05-06T22:17:29","slug":"us-regulator-moves-to-drop-appeal-against-kalshi","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128716","title":{"rendered":"US regulator moves to drop appeal against Kalshi"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe US Commodity Futures Trading Commission (CFTC) is seeking permission from the court to drop an appeal against prediction market Kalshi. The move could allow the platform to offer political event contracts to users without contest.<br \/>\nIn a May 5 filing in the US Court of Appeals for the District of Columbia Circuit, lawyers for the CFTC filed an unopposed motion for voluntary dismissal, suggesting an agreement with Kalshi. The motion, subject to approval by the court, could end the CFTC\u2019s appeal against a federal court ruling that the financial regulator could not bar Kalshi from listing political event contracts, i.e., bets on elections.<br \/>\nMotion to dismiss appeal filed by the CFTC on May 5. Source: CourtlistenerKalshi stipulated in a joint filing that the company would \u201cbear its own costs, court fees and attorney fees incurred\u201d if the court granted the CFTC\u2019s motion to dismiss. The platform said that \u201celection markets are here to stay\u201d in a May 6 X post following the filing.<br \/>\nThe betting platform initially filed a lawsuit against the CFTC in 2023 in response to the regulator ordering Kalshi to stop offering political event contracts. The company won in the lower court, prompting the appeal by the CFTC in September 2024.<br \/>\nMotion to drop the appeal after the change in administration?<br \/>\nThe case was handled mainly before the US election and the appointment of acting CFTC chair Caroline Pham under President Donald Trump. CFTC Commissioner Summer Mersinger, nominated by former President Joe Biden, reportedly echoed Kalshi\u2019s sentiment in February, claiming that election prediction markets were \u201chere to stay.\u201d<br \/>\nRelated: Kalshi accepts Bitcoin deposits in bid to woo crypto-native users<br \/>\nLaunched in 2021, Kalshi became popular among many crypto users in part due to bets related to the 2024 US election. Though the CFTC argued in its appeal that betting on the elections could result in \u201cspectacular manipulation\u201d of markets and harm to the public interest, the regulator under Pham and Trump appeared to have reversed its position with the motion to dismiss.\u00a0<br \/>\nMagazine: Pok\u00e9mon on Sui rumors, Polymarket bets on Filipino Pope: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/cftc-dismiss-appeal-kalshi?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe US Commodity Futures Trading Commission (CFTC) is seeking permission from the court to drop an appeal against prediction market Kalshi. The move could allow the platform to&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128716"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128716"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128716\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128716"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}