A federal appeals court is advancing a case against a platform that allows people to bet on the outcome of the U.S. presidential election.
The U.S. Commodity Futures Trading Commission, which brought the case, is worried U.S. election betting could harm the country's election systems.
Interactive Brokers have been working with Kalshi to offer election contracts. These deals would issue payouts on bets placed on the outcome of U.S. elections.
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Election bettors have been banking on the odds that Donald Trump will win the White House in the next election, with Kamala Harris winning the popular vote.
Kalshi has reportedly booked millions of dollars in contracts on the 2024 presidential race.
CFTC is challenging the right for Kalshi to offer betting on elections, arguing it can harm election integrity or may be vulnerable to market manipulation.