Betting on US elections can resume after legal freeze, appeals court rules

By Free Republic | Created at 2024-10-02 18:46:57 | Updated at 2024-10-04 05:20:20 1 day ago

Betting on US elections can resume after legal freeze, appeals court rules
CNBC ^ | Oct 2 | Dan Mangan

Posted on 10/02/2024 11:32:16 AM PDT by RandFan

A federal appeals court in Washington, D.C., cleared the way Wednesday for Americans to bet on the outcome of the 2024 congressional elections — and potentially other federal election contests.

The appeals court in a decision rejected an effort by the Commodity Futures Trading Commission to prohibit the commodities exchange KalshiEx from offering “Congressional Control Contracts” while the federal agency appealed a lower court’s ruling that had given a green light for such bets.

The CFTC argues that the contracts might cast doubt on the integrity of elections.

But the commission “has failed to at this time to demonstrate that it or the public will be irreparably injured” without a stay on the contracts being offered during its appeal, wrote Judge Patricia Millett of the U.S. Appeals Court for the District of Columbia Circuit in its 15-page ruling Wednesday.

Millett, who was part of a three-judge panel considering the case, said the agency could renew its emergency bid to block the contracts pending resolution of the appeal “should substantiating evidence arise.”

There were no dissents on decision in favor of KalshiEx, which offers customers contracts that can hedge the risk of certain events occurring.

The contracts at issue in the case are bets on predictions on which political party will control the Senate and House of Representatives at a future specified date.

(Excerpt) Read more at cnbc.com ...

TOPICS: Business/Economy; Miscellaneous; News/Current Events
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A rare ruling for FREEDOM I suggest especially from that court (freedom to lose your money... )

1 posted on 10/02/2024 11:32:16 AM PDT by RandFan

To: RandFan

I believe that its stuff like this that really opens the door to court filings if election fraud is alleged. You know, it’s not considered a big deal if it’s just a coup against the actual winner. That’s just something you have to shrug off.

But now it would be financial fraud against gamblers who lost money. They have standing. They can file. Courts have to take it seriously.

2 posted on 10/02/2024 11:36:12 AM PDT by ClearCase_guy (My decisions about people are based almost entirely on skin color. I learned this from Democrats.)

To: RandFan

I don’t think being able to legally bet on US elections is a good idea. b/c some bettors who happen to already be wealthy, could unduly influence the vote via advertising or otherwise lobbying for a particular side.

But, who’s asking me? No one.
The public will have to taste it first, in order to know that it’s poison. Let them taste it. “Free country”, more or less.

3 posted on 10/02/2024 11:37:23 AM PDT by lee martell

To: RandFan

So now the people have ‘standing’ when they go to court to contest the stolen election?

4 posted on 10/02/2024 11:37:34 AM PDT by Magnum44 (...against all enemies, foreign and domestic... )

To: lee martell

Gambling is a sin to many here but on the flip side many like me are libertarians.

What’s good IMO is an unconstitutional agency getting slapped down by a DC Court.

The Respondent must have good lawyers and deep pockets.

💪💪💪

5 posted on 10/02/2024 11:41:43 AM PDT by RandFan

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