Kalshi’s Bid to Offer Bets on US Elections Turned Down by CFTC

Sept. 22, 2023, 3:54 PM UTC

The top US derivatives regulator has given the thumbs down to Kalshi Inc.’s plan to offer bets on US congressional elections.

Kalshi lets traders wager $25,000 on everything from monthly interest rate hikes to the timing of the next moon landing. Its latest proposal in June could have allowed hedge funds and other Wall Street firms to bet as much as $100 million on which political party would control the House or Senate.

The firm’s bid involves gaming that violates state laws, and such contracts are “contrary to the public interest,” the Commodity Futures Trading Commission said Friday. The ...

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