{"id":37850,"date":"2024-09-16T07:54:16","date_gmt":"2024-09-16T07:54:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cftc-urges-court-action-to-prevent-political-gambling-surge\/"},"modified":"2024-09-16T07:54:16","modified_gmt":"2024-09-16T07:54:16","slug":"cftc-urges-court-action-to-prevent-political-gambling-surge","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cftc-urges-court-action-to-prevent-political-gambling-surge\/","title":{"rendered":"CFTC Urges Court Action to Prevent Political Gambling Surge"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Concerned about a possible upsurge in political betting, the U.S. Commodities Futures Trading Commission (CFTC) has asked a federal appeals court to prolong its prohibition on Kalshi\u2019s political prediction markets. The agency is requesting that the present pause be maintained while its appeal is being considered by the U.S. Appeals Court for the District of Columbia. This follows a verdict on September 6th, which supported Kalshi and questioned the CFTC\u2019s jurisdiction to prevent the business from providing futures based on election results.<\/p>\n

Concerns Over Election Gambling Expansion<\/h2>\n

Following the district court\u2019s decision, Kalshi, along with other industry players, interpreted the ruling as permission to proceed with election-related contracts. The CFTC warned in a Saturday filing that this could lead to a sharp rise in election-related betting. The agency highlighted concerns about Wall Street firm Interactive Brokers, which has already moved to offer contracts on the upcoming U.S. presidential election through one of its regulated subsidiaries.<\/p>\n

The CFTC argued that if the court does not act to extend the ban, other CFTC-regulated platforms could also jump into the election gambling space. The agency emphasized, \u201cAn explosion in election gambling on U.S. futures exchanges will harm the public interest.\u201d<\/em> It further raised alarms about the risks of market manipulation and potential harm to the integrity of electoral processes.<\/p>\n

The decision and the CFTC\u2019s appeal may significantly alter the way that political futures markets function in the United States. The organization doesn\u2019t intend to budge from its position opposing election prediction contracts, citing possible risks to democratic institutions and markets. However, Kalshi\u2019s defense centers on providing transparent and controlled forums for political transactions.<\/p>\n

Election-related betting in the nation may change in the future depending on the court\u2019s ruling over whether to prolong the ban.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Concerned about a possible upsurge in political betting, the U.S. Commodities Futures Trading Commission (CFTC) has asked a federal appeals court to prolong its prohibition on Kalshi\u2019s political prediction markets. The agency is requesting that the present pause be maintained while its appeal is being considered […]<\/p>\n","protected":false},"author":35,"featured_media":37851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37850"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=37850"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/37851"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=37850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=37850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=37850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}