Federal Judge Approves U.S. Election Betting, CFTC Requests Temporary Block

Kalshi wins lawsuit allowing election market contracts; CFTC seeks emergency stay pending appeal decision.

Judge Jia Cobb ruled in favor of Kalshi, enabling Americans to bet on congressional election outcomes.
The CFTC had previously blocked these contracts, labeling them as unlawful gambling and against public interest.
Kalshi's contracts will allow bets on which party will control the House or Senate during election years.
The CFTC has filed an emergency motion to delay the implementation of the ruling for 14 days.
Kalshi aims to launch its election markets next week, challenging crypto-based Polymarket.