🚨 CFTC Rings the Alarm on Election Gambling! 🚨
The U.S. Commodity Futures Trading Commission (CFTC) is sounding off on the dangers of prediction markets, claiming that the “explosion” of election gambling poses a serious risk to the public interest. 💥
In their latest motion against Kalshi, a popular U.S. predictions market, the CFTC pointed to “spectacular manipulation” in the industry – and they’ve got receipts. 🧾 They cited wild incidents, including an attempt to manipulate the market for Vice President Kamala Harris in 2024 and a fake poll influencing another election bet on PredictIt.
Kalshi’s founder, Tarek Mansour, said they scored a victory on Sept. 6 by keeping election betting alive, but the saga isn’t over yet! ⚖️ After the CFTC lost part of its case, a judge put the platform on pause with a stay order – pulling the plug on Kalshi’s U.S. election markets just hours after launch! ⛔
Now, the CFTC is doubling down, arguing that allowing Kalshi to operate could cause serious damage, even calling their defense “sophomoric” and likening it to a pharmacy selling drugs because they’re on the black market! 💊💥
Will election gambling shake up the crypto world, or does this latest legal battle signal a need for stricter controls? Only time will tell. ⏳ Stay tuned!
