According to Cointelegraph, a U.S. Court of Appeals judge questioned lawyers on both sides during the hearing of the Commodity Futures Trading Commission (CFTC) and the political betting market plan of the gambling platform Kalshi.
On Sept. 19, the D.C. Circuit Court of Appeals heard arguments from CFTC General Counsel Rob Schwartz and Kalshi attorney Yaakov Roth on whether the lower courtâs ruling should be allowed.
The judges questioned the CFTCâs distinction between election betting and other types of gambling, as well as its definition of âothersâ contest.â
Schwartz said the Sept. 12 lower court ruling was deeply flawed and, if it stood, would allow Kalshi to open up high-stakes gambling in the November congressional elections.
Kalshiâs lawyer, Roth, believes that allowing Kalshiâs gambling platform would reduce the risk of market manipulation because its products would be subject to a full set of regulatory provisions.
The judges are expected to make a quick decision as the U.S. election is in 45 days, on November 5.