Golden Finance reports that the prediction market Kalshi argued in a recent court document that while the U.S. Commodity Futures Trading Commission (CFTC) may not like election betting, only Congress (and not regulators) has the authority to prohibit it. Currently, Kalshi is in a legal dispute with the CFTC. In September of last year, the CFTC attempted to prevent the prediction market from listing certain event contracts that allow traders to bet on which party will control the House or Senate after the November elections. The regulator argued that the contracts proposed by Kalshi involve "gambling" and "activities that violate state laws," and therefore are "against the public interest." Subsequently, Kalshi sued the Commodity Futures Trading Commission in the District of Columbia, accusing the agency of exceeding its statutory authority and violating the Administrative Procedure Act (APA) while trying to ban election prediction markets. The U.S. Commodity Futures Trading Commission (CFTC) is set to respond to Kalshi's statement on December 6.