Political Event Contracts: Previewing the Kalshi v. CFTC Hearing

Political Event Contracts: Previewing the Kalshi v. CFTC Hearing

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Based on a recent decision by the United States District Court for the District of Columbia, political event contracts proposed to be listed by KalshiEx LLC ahead of the upcoming November 5 elections appear to be permitted under the Commodity Exchange Act. However, the United States Court of Appeals for the District of Columbia Circuit will hear oral arguments on the Commodity Futures Trading Commission’s emergency appeal to stay the District Court’s ruling tomorrow (Thursday, September 19). From the CFTC’s perspective, this case will determine whether there will be “election gambling” on US futures markets. To preview the hearing, this alert summarizes the recent developments in this case.

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