Washington, DC – In a recent ruling, a federal appeals court declined to block Americans from betting on the outcome of the 2024 congressional elections. The court rejected a request by the Commodity Futures Trading Commission to halt the exchange of “Congressional Control Contracts” on KalshiEx while the lower court’s decision was being appealed.

Judge Patricia Millett of the U.S. Appeals Court for the District of Columbia Circuit stated that the CFTC had not proven that it or the public would suffer irreparable harm without a stay on the contracts. The agency was advised to present new evidence if they wished to renew their attempt to block the contracts in the future.

Previously, the CFTC had prohibited KalshiEx from offering these congressional contracts, claiming they violated state laws against election gambling. However, a District Court judge ruled against the CFTC’s interpretation, leading to the current situation.

No dissenting opinions were offered in response to Wednesday’s decision. Both the CFTC and KalshiEx have been contacted for comment on the matter.

The controversy over the legality of betting on political outcomes continues to unfold, raising questions about the intersection of finance and politics. The implications of allowing such bets on congressional elections are being closely monitored by experts and observers in the financial and legal fields.

The decision by the federal appeals court sets a precedent for future cases involving the trading of contracts related to political events. The outcome of this legal battle may have far-reaching implications for the regulation of financial markets and the gambling industry.

As the case progresses through the legal system, it remains to be seen how the issue of betting on political events will be resolved and what impact it will have on the broader landscape of trading and speculation. The controversy highlights the complexities of navigating the intersection between politics, law, and financial markets in the modern era.