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In short, the concerns voiced by the [Commodity Futures Trading Commission] are understandable given the uncertain effects that Congressional Control Contracts will have on our elections, which are the very linchpin of our democracy.
But whether the statutory text allows the Commission to bar such event contracts is debatable, and the Commission has not substantiated that risks to election integrity are likely to materialize if Kalshi[Ex] is allowed to operate its exchange during the pendency of this appeal.
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—U.S. Court of Appeals for the D.C. Circuit Judge Patricia Millett, joined by Judges Cornelia Pillard and Florence Pan, ruling that commodities exchange KalshiEx can take bets on which party will take control of Congress following the November election. The Commodity Futures Trading Commission argued such bets incentivize misinformation “seeking to influence perceptions of a political party or a party candidate’s success.” But the D.C. Circuit found that such bets were not in violation of the Commodity Exchange Act.