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CFTC Staff Recommends Rejecting Kalshi's US Election Contracts: Bloomberg
Commissioners would still need to vote on the advice.
In this article
Prediction market Kalshi's request to create contracts linked to U.S. election outcomes should be rejected, according to staff of the regulator weighing the request, Bloomberg reported.
Their recommendations are not binding. Commissioners at the U.S. Commodity Futures Trading Commission ultimately decide, though staff members' advice carries weight.
STORY CONTINUES BELOW
Read more: Prediction Market Kalshi Signals It Sees CFTC's Blessing for Midterm Election Bets
Nick Baker
Nick Baker was CoinDesk's deputy editor-in-chief. He won a Loeb Award for editing CoinDesk's coverage of FTX's Sam Bankman-Fried, including Ian Allison's scoop that caused SBF's empire to collapse. Before joining in 2022, he worked at Bloomberg News for 16 years as a reporter, editor and manager. Previously, he was a reporter at Dow Jones Newswires, wrote for The Wall Street Journal and earned a journalism degree from Ohio University. He owns more than $1,000 of BTC and SOL.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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