"Election markets are now legal in the United States," Kalshi cofounder Luana Lopes Lara said in a statement on social media. "It feels like a dream for us to say it. Infinitely honored and humbled to bring these markets back to the US after 100 years."
"The CFTC's order exceeded its statutory authority," District Court Judge Jia Cobb wrote in an opinion released today. "Kalshi's contracts do not involve unlawful activity or gaming. They involve elections, which are neither."
"It is a win for Kalshi and for all CFTC-regulated derivatives markets that want to pursue responsible innovation under the rule of law," Joshua Sterling, partner at the law firm Milbank which represented Kalshi in the case, said in a statement.
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