Gemini

United

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A United States judge has ruled in favor of the predictions market Kalshi, allowing the platform to offer derivatives for betting on the upcoming US presidential election in November.
Variant Fund chief legal officer Jake Chervinsky <a data-ct-non-breakable="null" href="https://x.com/jchervinsky/status/1832243985705779671" rel="null" target="null" text="null" title="https://x.com/jchervinsky/status/1832243985705779671">stated</a> in a Sept. 7 X post that Kalshi had a “HUGE win,” but he would like to see the judicial opinion first.
“I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to FILE MORE LAWSUITS,” Chervinsky added.
<h3 id="us-judge-overrules-cftc-s-order">US judge overrules CFTC’s order</h3>
<a data-ct-non-breakable="null" href="https://news.bloomberglaw.com/antitrust/cftc-order-blocking-kalshi-election-bets-overturned-by-us-judge" rel="null" target="null" text="null" title="null">Published</a> by Bloomberg on Sept. 7, Judge Jia Cobb of the US District Court for the District of Columbia reportedly ruled in favor of Kalshi offering products that allow people to bet on who will win the US election on Nov. 4.
The ruling overturned a US Commodity Futures Trading Commission’s (CFTC) order, which had argued that offering the derivatives would compromise the integrity of the election and that election gambling is illegal in certain US states.
“Election markets are now legal in the United States for the first time in 100 years,” Kalshi co-founder and CEO Tarek Mansour said.
Meanwhile, Nick Tomaino, founder of the crypto fund 1confirmation, <a data-ct-non-breakable="null" href="https://x.com/NTmoney/status/1832188971864269145" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/NTmoney/status/1832188971864269145">expressed</a> that this is “great news for anyone who believes that having skin in the game is a fundamental aspect of being American.”
<h3 id="cftc-has-the-opportunity-to-appeal">CFTC has the opportunity to appeal</h3>
The CFTC will have the opportunity to appeal the decision, according to the report.
On March 18, Cointelegraph reported that Kalshi <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kalshi-prediction-bet-bitcoin-ether" rel="" target="_self" text="null" title="https://cointelegraph.com/news/kalshi-prediction-bet-bitcoin-ether">would launch prediction contracts for its clients</a>, enabling bets on Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) price movements.
Other contracts include a prediction on how high Bitcoin will reach in 2024 and one on the daily BTC price.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-correction-crypto-market-drop-54k" rel="null" target="null" text="null" title="https://cointelegraph.com/news/bitcoin-correction-crypto-market-drop-54k">Total crypto market sinks below $2T as analysts eye Bitcoin reversal below $54K</a>
Meanwhile, in more recent news, on Aug. 8, crypto exchange Gemini urged the CFTC to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptocurrency-exchange-gemini-united-states-cftc-prediction-markets-polymarket" rel="" target="_self" text="null" title="https://cointelegraph.com/news/cryptocurrency-exchange-gemini-united-states-cftc-prediction-markets-polymarket">withdraw a proposed regulation that</a>, if passed, would ban all event contracts on decentralized prediction markets.
“The CFTC should withdraw its Proposed Rule on event contracts, which would categorically ban all event contracts in the U.S., like those traded on Polymarket, the world’s largest prediction market,” Gemini co-founder Cameron Winklevoss wrote.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/parents-addicted-pi-network-crypto-tapper/" rel="null" target="null" text="null" title="null">Help! My parents are addicted to Pi Network crypto tapper</a>

US prediction market Kalshi scores ‘huge win’ against CFTC

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Cointelegraph

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