Judge Overturns CFTC Election Ban

This is a the United States news story, published by City Journal, that relates primarily to Jia Cobb news.

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outcome contracts

City Journal

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Â Judge Clears the Way for Kalshi's Election Bets

Summary

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78% Informative

D.C. District Court Judge Jia Cobb overturned the CFTC ban on Kalshi contracts that pay out depending on which party controls Congress after the November elections.

Andrew Keen : Prediction markets may seem like pointless gambling at first , but they're useful financial tools.

Keen: The CFTC 's job is not to outlaw them but to ensure they are soundly regulated, and Congress does not empower the agency to make these kinds of significant decisions.

The CFTC tried arguing that, because the results of elections are uncertain, they are gambling, and gambling is gambling under the statute.

Judge Cobb said as much when she ruled that âgaming requires a game. In the United States , Congress still makes the laws, and if it wants to ban election contracts, it should do so explicitly.

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Informative language

Neutral language

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formal

Language

English

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not offensive

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not hateful