Yahya 
Predicting market Kalshi has been approved by a United States court, enabling the platform to provide derivatives for betting on the approaching US election in November. According to a Sept. 7 article, this ruling reverses a previous judgment by the US Commodity Futures Trading Commission (CFTC).
Celebrating the decision as a major victory for Kalshi, Jake Chervinsky, the chief legal officer of Variant Fund, said in a post on X that it provides further evidence that legal challenges are the best way to correct government excess. “I want to see the opinion before I start dancing on the grave of the administrative state,” he added. “This is even more evidence that the best way to deal with regulatory overreach is to FILE MORE LAWSUITS.”
Judge Jia Cobb of the US District Court for the District of Columbia decided in favor of Kalshi, therefore authorizing the platform to provide goods allowing consumers to bet on the result of the US election on November 4. The decision reverses the CFTC’s position that selling election futures might endanger election integrity and violate laws in several jurisdictions.
“Election markets are now legal in the United States for the first time in 100 years” said Tarek Mansour, co-founder and CEO of Kalshi. Many supporters of the decision, like 1confirmation creator Nick Tomaino, saw this as a victory for democratic procedures’ “skin in the game” idea.
The CFTC may still appeal the finding, however, and it is not yet clear if more legal challenges will be directed against it.
Kalshi started prediction contracts for betting on bitcoin price fluctuations in March in past developments, and more recently, on Aug. 8, the crypto exchange Gemini requested the CFTC to revoke a draft regulation prohibiting event contracts on distributed prediction markets.
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