KALSHIEX v. COMMODITY FUTURES TRADING COMM'N

No. 24-5205.

119 F.4th 58 (2024)

KALSHIEX LLC, Appellee v. COMMODITY FUTURES TRADING COMMISSION, Appellant.

United States Court of Appeals, District of Columbia Circuit.

Decided October 2, 2024.


Attorney(s) appearing for the Case

Robert A. Schwartz, General Counsel, U.S. Commodity Futures Trading Commission, argued the cause for appellant. With him on the emergency motion for stay pending appeal and immediate interim relief and the reply was Anne W. Stukes, Deputy General Counsel.

Yaakov M. Roth argued the cause for appellee. With him on the opposition to the emergency motion for stay pending appeal and immediate interim relief were Joshua B. Sterling, John Henry Thompson, and Amanda K. Rice.

Before: Millett, Pillard, and Pan, Circuit Judges.


KalshiEx LLC, a commodities exchange regulated by the Commodity Futures Trading Commission, seeks to offer "Congressional Control Contracts" that would allow persons within the United States to place money on the outcome of the November 2024 congressional elections. The Commission prohibited Kalshi from listing the Congressional...

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