The U.S. election betting issue is still unresolved as the federal appeals court did not provide a decision on Thursday regarding the matter. The United States Court of Appeals for the D.C. Circuit was presented with the case involving the U.S. Commodities and Futures Trading Commission’s appeal to block New York-based startup Kalshi from resuming bets on the outcomes of upcoming congressional elections. The commission argued that allowing election bets could harm public trust in elections, while Kalshi contended that active futures markets can detect and counter manipulation attempts effectively.
No specific timeframe was given by the judges for a final decision, but both parties are aiming for a resolution before the upcoming elections. Last week, Kalshi was granted a brief window to accept bets on which political party would win Congressional control in November, managing to take about $50,000 in bets in the form of futures contracts during the brief period. The appeals court intervened and suspended the betting activities shortly after.
