"While the question on the merits is close and difficult, the Commission cannot obtain a stay at this time because it has not demonstrated that it or the public will be irreparably harmed while its appeal is heard," Judge Millett wrote. "That failure is fatal to the Commission's stay request because a showing of irreparable harm is a necessary prerequisite for a stay."
"The administrative stay is hereby dissolved," wrote Circuit Judge Patricia Millett. "The Commission has failed to demonstrate that it or the public will suffer irreparable injury absent a stay pending appeal, and therefore its motion for a stay is denied without prejudice to renewal should substantiating evidence arise."
Kalshi, the sole U.S.-regulated prediction market, sued the CFTC last year after the agency denied its application to list election contracts, on the grounds that they constituted gaming and would be contrary to the public interest.
While it's been fighting the agency in court, the New York-based company, which settles bets in dollars, has watched crypto-powered rival Polymarket, which is barred from doing business in the U.S., nevertheless rack up record volumes during this election year. Over $1 billion alone has been staked on Polymarket's contract on who will win the presidency.
Collection
[
|
...
]