The U.S. Capitol reflected in a stormy sky on July 22, 2024 in Washington, DC.
Samuel Corum | Getty Images
federal government court of appeals On Wednesday, it refused to block a lower court ruling that would allow Americans to bet on the outcome of the 2024 congressional elections.
An appeals court rejected an effort by the federal Commodity Futures Trading Commission to ban commodity exchanges. calciex The CFTC had prohibited the offering of “congressional control contracts” while it appealed a lower court ruling that gave the green light to such bets.
Judge Patricia Millett of the U.S. Court of Appeals for the District of Columbia Circuit said the CFTC “has not been able to demonstrate at this time that it or the public would be irreparably harmed” if it did not cancel the contract offered during the appeal. ” he wrote.
Millett, who is part of the three-judge panel hearing the case, said authorities could resume their bid to block the contract “if substantive evidence emerges.” Ta.
There were no objections to Wednesday’s decision.
The CFTC had prohibited Calciex from listing Congressional Contracts on the commission-regulated exchange, saying it violated many state laws prohibiting election gambling.
But a federal district court judge in Washington, D.C., ruled last month that the CFTC erred in finding that KalshiEx’s congressional contract included gaming and gambling.
The ruling remained in effect for only about eight hours before the D.C. Court of Appeals blocked it at the request of the CFTC.
The administrative suspension was lifted in Wednesday’s ruling.
CNBC has reached out to the CFTC and KalshiEx for comment.
This illustrated photo shows money and gambling dice in front of a screen showing political market odds on November 1, 2023 in Los Angeles.
Chris Delmas | AFP | Getty Images
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