A federal appeals court has yet to reach a decision on the contentious issue of betting on U.S. elections. The United States Court of Appeals for the D.C. Circuit heard arguments on Thursday from both the U.S. Commodities and Futures Trading Commission (CFTC) and Kalshi, a New York-based startup that briefly offered election-related bets.
The case revolves around whether betting on the outcomes of this fall’s congressional elections should be permitted. Kalshi, which operates a futures exchange, had previously been allowed to accept wagers for a brief period last week before the court intervened, halting further activity.
During those eight hours, the company received about $50,000 in bets on which political party would secure control of Congress in November, according to Kalshi representatives.
The CFTC has argued that permitting bets on elections could weaken public confidence in an already fragile electoral system. The commission expressed concerns that the introduction of such a market could lead to increased manipulation and suspicion around election integrity.
On the other hand, Kalshi’s legal team maintained that a well-regulated, liquid futures market could actually counteract any attempts at manipulation. They argued that transparency in these markets could help correct efforts to skew the outcomes, ensuring a more robust system.
Although both sides are pushing for a ruling before the upcoming election cycle, the three-judge panel has not provided a clear timeline for when a decision might be handed down.
This debate comes amid a backdrop of growing political polarization in the U.S. and heightened scrutiny of election security and integrity.
Original article: https://www.yogonet.com/international/noticias/2024/09/20/79357-court-decision-on-us-election-betting-still-pending-after-federal-hearing
