A U.S. judge ruled that the CFTC has no authority to block Kalshi from launching a political prediction market

ChainCatcher news, according to CoinDesk, U.S. District Judge Jia Cobb has issued a formal opinion ruling that the Commodity Futures Trading Commission (CFTC) does not have the authority to conduct a "public interest review" to block Kalshi from listing political prediction markets in the United States.

Judge Cobb pointed out that Kalshi's contracts do not involve illegal activities or gambling, but rather pertain to elections, both of which fall outside the CFTC's jurisdiction.

Currently, the U.S. Congress has rescinded the CFTC's public review of certain proposed futures contracts, stating that such contracts would only be subject to review if they belong to specific categories such as terrorism or gambling.