In a twist that could only be described as a cosmic joke, the company has boldly declared that these contracts are under the watchful eye of the Commodity Futures Trading Commission (CFTC). This means, in a delightful turn of events, that state regulators are about as useful as a chocolate teapot when it comes to intervening. 🍫☕
Kalshi’s legal team, armed with nothing but a sense of humor and a mountain of paperwork, insists that their event contracts are not your run-of-the-mill betting slips. No, they are sophisticated two-sided markets, functioning as swaps! This is a bit like saying a cat is not just a cat, but a furry, purring enigma of the universe. Co-founder Tarek Mansour, in a moment of sheer brilliance, highlighted the revolutionary nature of prediction markets as a financial tool, while also preparing to defend their model in court like a knight in shining armor. ⚔️
But wait, there’s more! Kalshi has also been graced with a cease and desist order from the Nevada Gaming Control Board regarding its election contracts. A US judge, in a fit of judicial whimsy, had previously ruled in September 2024 that these contracts are as legal as a three-legged dog in a race. So, they can continue trading in the country, much to the chagrin of those who prefer their betting without the pesky interference of legality. 🐶
Meanwhile, the CFTC, under new leadership that seems to have taken a page from a self-help book, has decided to change its approach. Acting director Caroline Pham announced that the agency would no longer focus on regulation through enforcement actions. Instead, they are prioritizing the fight against fraud, which is a bit like saying they’re now focusing on catching the big fish instead of the little guppies. 🎣
This shift has been met with applause from the industry, which has been dodging lawsuits and enforcement actions like a contestant on a game show. Despite poking around Kalshi’s Super Bowl event contracts alongside Crypto.com, the CFTC ultimately decided to sit this one out, leaving the contracts to frolic freely in the wild. 🎉
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2025-03-30 10:25