US CFTC: US election gambling boom is about to break out, which will harm the public interest

Mars Finance News, according to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) warned that election gambling on the U.S. election is about to explode, and asked the Court of Appeals to continue to suspend Kalshi's political prediction market while the agency's appeal is still pending. In a document filed on Saturday, the CFTC said that the local court's order has been interpreted by Kalshi and others as "open season for election gambling," referring to a ruling on September 6 that the CFTC should not prevent the company from offering contracts on which party will control both houses of Congress. The agency said that after this ruling, Wall Street giant Interactive Brokers announced that it would offer contracts for the presidential election through its CFTC-regulated subsidiary. The CFTC said that unless the U.S. Court of Appeals for the District of Columbia extends the suspension of Kalshi's contracts during the appeal, other CFTC-regulated exchanges will follow suit. The CFTC reiterated that "the surge in election gambling on U.S. futures exchanges will harm the public interest." These damages include market manipulation and damage to the integrity of the election.