(Image
via
Getty)
In
short,
the
concerns
voiced
by
the
[Commodity
Futures
Trading
Commission]
are
understandable
given
the
uncertain
effects
that
Congressional
Control
Contracts
will
have
on
our
elections,
which
are
the
very
linchpin
of
our
democracy.
But
whether
the
statutory
text
allows
the
Commission
to
bar
such
event
contracts
is
debatable,
and
the
Commission
has
not
substantiated
that
risks
to
election
integrity
are
likely
to
materialize
if
Kalshi[Ex]
is
allowed
to
operate
its
exchange
during
the
pendency
of
this
appeal.
—U.S.
Court
of
Appeals
for
the
D.C.
Circuit
Judge
Patricia
Millett,
joined
by
Judges
Cornelia
Pillard
and
Florence
Pan,
ruling
that
commodities
exchange
KalshiEx
can
take
bets
on
which
party
will
take
control
of
Congress
following
the
November
election.
The
Commodity
Futures
Trading
Commission
argued
such
bets
incentivize
misinformation
“seeking
to
influence
perceptions
of
a
political
party
or
a
party
candidate’s
success.”
But
the
D.C.
Circuit
found
that
such
bets
were
not
in
violation
of
the
Commodity
Exchange
Act.