đșđž CFTC failed to block the prediction market
â¶ïž The U.S. District Court for the District of Columbia rejected a motion by the Commodity Futures Trading Commission (CFTC) and ruled that the CFTC exceeded its authority by blocking Kalshi's election contracts.
âĄïž The financial exchange and prediction market Kalshi offered contracts on the outcome of U.S. elections and congressional seats, but the CFTC deemed them illegal.
âĄïž In the legal case, Web3 prediction platform Polymarket, operating on the Polygon blockchain, supported Kalshi, while the crypto exchange Gemini urged the CFTC to withdraw proposed regulations that could block the decentralized prediction market.
âȘïž Ethereum co-founder Vitalik Buterin also stated in late August that it is unacceptable to equate prediction markets with gambling.
