Appeals court fast-tracks CFTC v. Kalshi case | Wilnesh News

one federal appeals court The Commodity Futures Trading Commission’s case challenging event exchange Kalshi’s right to offer U.S. political election contracts has been fast-tracked.

Expedited appeal is due to Karshi and another platform, Interactive Brokersis offering a range of political contracts, including bets on the outcome of the U.S. presidential election, U.S. Senate races and party control of each chamber of Congress.

Over the weekend, Kalsey promoted his presidential election contract on an electronic sign in New York’s Times Square.

Expedited Appeal Timeline Requirements CFTC Legal briefs are to be filed by Wednesday, and Kalshey has until Nov. 15, 10 days after Election Day. The CFTC will respond to Kalshi’s briefing by December 6.

The U.S. Court of Appeals for the District of Columbia Circuit directed the court clerk to schedule oral arguments on the “first appropriate date” after the filing of the plea.

Usually takes several months federal appeals court Conduct briefings and oral arguments.

The CFTC has requested oral arguments on December 2.

A committee spokesman declined to comment on the timetable.

In an Oct. 2 court filing, the CFTC argued that a speedy resolution of the appeal is in the public interest.

The CFTC told the appeals court that election contracts are “vulnerable to market manipulation” and can also pose risks to the integrity of the election or how the public views the integrity of the election.

Kalshi CEO Tarek Mansour said in a statement that his company was “confident” that the law allows for election contracts.

Kalsi “looks forward to continuing to demonstrate the power of these markets in promoting election integrity and bringing more truth to the system!” Mansour said.

The CFTC lost a lawsuit in September in U.S. District Court in Washington, D.C., that sought to prevent Kalshi from delivering contracts that would have allowed the party to win control of both houses of Congress in November.

The committee quickly appealed the ruling to the D.C. Circuit Court of Appeals, which immediately issued an injunction temporarily barring Calshey from accepting congressional control contracts.

But the appeals court lifted the legal freeze on Oct. 2, saying the CFTC failed to prove that the commission or the public would be “irreparably harmed” if the ban remained in effect pending appeals.

Karsh resumed offering congressional contracts, then contracts related to the results of the presidential election between former President Donald Trump and Vice President Kamala Harris, as well as other races.

As of Monday, Kalshey had booked more than $7 million worth of contracts based on the presidential election results.

On October 3, Interactive Brokers began offering political contracts to clients. The platform said the trading volume of such contracts has exceeded 1 million.

“We have seen significant demand for election-focused contracts on our platform in a short period of time,” Interactive Brokers founder Thomas Peterffy said in a statement. “This interest Highlighting the growing relevance of political prediction markets.”