Judge Gives Green Light to Legal Betting on US Elections, CFTC Cries Foul and Plans Appeal
Kalshi, a New York-based startup, can legally offer betting on the November Congressional elections, despite CFTC objections. Judge Cobb’s ruling makes Kalshi the only platform for regulated U.S. election bets, but the CFTC plans to appeal. This could lead to millions in investments going up in smoke if overturned.
Hot Take:
So, betting on elections is now just a click away! What could possibly go wrong? Oh right, everything. If democracy had a ‘Do Not Disturb’ sign, Kalshi just ripped it off the door.
Key Points:
- Judge rules in favor of Kalshi, allowing election betting.
- CFTC plans to appeal the decision.
- Kalshi is the only legal U.S. platform for election betting.
- Concerns raised about market manipulation and public trust.
- Betting began within minutes of the ruling.
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