Judge Jia Cobb determined that the CFTC had overstepped its legal authority by blocking Kalshi from offering political prediction markets. Congress limited CFTC's ability to conduct such reviews.
Kalshi's contracts are centered on elections, not unlawful activity or gaming, marking a crucial distinction that the judge emphasized in her ruling against the CFTC's interpretation.
Cobb's opinion thoroughly analyzed legislative intent behind the Commodity Exchange Act, addressing how terms like 'gaming' were defined and their relevance to the case.
Despite winning the case, uncertainty looms over Kalshi's future plans for listing election markets, pending a potential CFTC appeal to stay the judge's ruling.
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