June 24 news, the US CFTC announced on Friday night that it has begun a 90-day review of the self-certification contracts of the prediction market Kalshi (KalshiEX LLC), which are used to bet on which major political party will win after the next election. Control Congress. The CFTC will need to make a decision at the end of the 90 days, or try to extend that period. The CFTC also announced a 30-day public comment period seeking comments on 24 different contractual issues, including whether they are “similar to gambling” as defined by CFTC rules, whether betting is illegal, and how they compare to previous similar initiatives. .
The CFTC announced last week that it would hold a public meeting on June 26 to allow the regulator to decide whether to start a review, but that meeting was canceled on Friday. CFTC Commissioners Summer Mersinger and Caroline Pham both opposed Friday's decision to start a new review period. Mersinger said Kalshi had been operating with integrity to address the regulator's concerns, and launching another comment period would delay any resolution. Furthermore, Mersinger said, Kalsh's self-certification contract does not fall under any definition of "gambling" for the purposes of the CFTC.
The CFTC announced last week that it would hold a public meeting on June 26 to allow the regulator to decide whether to start a review, but that meeting was canceled on Friday. CFTC Commissioners Summer Mersinger and Caroline Pham both opposed Friday's decision to start a new review period. Mersinger said Kalshi had been operating with integrity to address the regulator's concerns, and launching another comment period would delay any resolution. Furthermore, Mersinger said, Kalsh's self-certification contract does not fall under any definition of "gambling" for the purposes of the CFTC.