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JUST IN: U.S. #CFTC Begins Review of Prediction Market Kalshi_s Contracts for Betting on Congressional Control.
The CFTC announced Friday evening that it has begun a 90-day review of self-certified contracts on the prediction market Kalshi (KalshiEX LLC), which are used to bet on which major party will control Congress after the next election. A 30-day public comment period on 24 different contracts, including whether they are "gambling-like" as defined by #CFTC rules, whether the bets are illegal, and how they compare to previous similar initiatives.
CFTC Commissioners Summer Mersinger and Caroline Pham opposed Friday_s decision to start a new review period. Regulators_ concerns and initiating another comment period would delay any resolution. In addition, Mersinger said Kalsh_s self-certification contracts do not fall under any definition of "gambling" for CFTC purposes. CryptoNews #BitcoinCash DeFi