Crypto-Friendly Congressman Ritchie Torres Calls on CFTC to Accept Kalshi Ruling and Focus on Unregulated Election Markets

Mars Finance News, a judge ruled on Thursday that the CFTC's move to prevent the prediction market Kalshi from listing contracts related to the US election exceeded its authority. In a letter to CFTC Chairman Rostin Behnam, New York Democrat and crypto-friendly congressman Ritchie Torres said that the CFTC should "accept the ruling and look forward." He also mentioned that many election markets have existed for many years, but "trading platforms are less secure and lack supervision." Torres wrote: "In addition, I encourage the Commodity Futures Trading Commission to weigh how much resources further court proceedings will consume and the broader harm that further delays may cause to election integrity and consumer protection. Delays may allow illegal and unregulated markets to continue to gain market share."