US appeals court judges peppered the CFTC and betting platform Kalshi’s lawyers with questions as the regulator bids to overturn a lower court’s decision allowing election markets.
United States appellate court judges have grilled lawyers for the Commodity Futures Trading Commission and betting platform Kalshi at a hearing reviewing a lower court ruling on plans to launch political betting markets.
The Sept. 19 hearing at the DC Circuit Court of Appeals heard arguments from CFTC general counsel Rob Schwartz and Kalshi’s counsel, Jones Day partner Yaakov Roth, on whether it should allow a lower court ruling giving the go-ahead to Klashi’s election markets.
During the over two-and-a-half-hour hearing, the three-judge panel often interjected on Schwartz and Roth’s arguments to ask clarifying questions and pin down specific definitions, saying they didn’t understand some arguments.
