US CFTC Chairman Vows to Pursue Prediction Market Kalshi Despite Court Ruling

CFTC Chairman Rostin Behnam has stated that the commission will continue to pursue prediction market Kalshi, despite a US federal court ruling that the CFTC’s attempt to ban the platform from operating a political issue prediction market was an abuse of power.

Behnam made the statement during a financial policy event at Georgetown University, where he emphasized that the CFTC believes the market is illegal. “This is illegal, and we’re going to continue to pursue this,” he said, according to CoinDesk.

The CFTC Chairman also suggested that if the market is deemed useful and should be expanded, it should be treated as a gambling industry at the state level. “If we really believe that election betting is a useful market and should be expanded and developed, then it should be treated as a gambling industry at the state level,” he stated.

The CFTC is reportedly planning to appeal the court’s ruling, indicating that the commission is committed to regulating the prediction market industry. The outcome of the appeal will likely have significant implications for the future of prediction markets in the US.