Kalshi says CFTC moved to dismiss appeal against prediction platform

Kalshi posted to X on Tuesday that the Commodities and Futures Trading Commission (CFTC) has moved to dismiss an appeal against the crypto prediction platform.

"Election markets are here to stay," Kalshi said.

The prediction market platform, which lets users wager on the outcome of specific events by trading contracts, became popular before last year's presidential election.

CFTC filed a motion in 2024 to prevent Kalshi from offering users access to its prediction markets for the November elections. That came after a federal judge ruled the CFTC had overstepped its authority in attempting to stop Kalshi from allowing users to trade contracts.

While it has faced regulatory scrutiny, the U.S.-based Kalshi has continued to grow its footprint. In April, the company partnered with Robinhood to assist in providing its own prediction markets hub. That same month, Kalshi sued gaming regulators in Nevada and New Jersey after receiving cease-and-desist orders prohibiting it from offering sports-related contracts in those states.

CFTC Commissioner Summer K. Mersinger said in February that election event contracts on platforms like Kalshi are "here to stay."

"Congress could always come in and tell us differently," Mersinger said. "Of course, we’re going to pivot and do what they tell us to do. But as far as the way the commission is going to handle this going forward, short of a rule-making changing things, election contracts are here to stay and we’re going to have to adapt to that environment and those markets. And I think it’s a good thing."

Kalshi users can deposit crypto to their accounts using Circle's USDC.