Election betting: Appeals court fast-tracks CFTC challenge to Kalshi political bets

Core Points - A federal appeals court is fast-tracking the Commodity Futures Trading Commission's (CFTC) case against Kalshi regarding the legality of offering U.S. political election contracts [1][2] - Kalshi and Interactive Brokers are currently offering various political contracts, including bets on the U.S. presidential election and congressional races [1] - The CFTC has expressed concerns that election contracts could be manipulated and may undermine public trust in election integrity [2][3] Legal Proceedings - The CFTC has a tight schedule for legal briefs, with the CFTC required to file by Wednesday and Kalshi to respond by November 15 [1][2] - Oral arguments are expected to be scheduled shortly after the briefs are filed, which is unusual for federal appeals [2] - The CFTC previously lost a lawsuit attempting to block Kalshi from offering congressional control contracts but quickly appealed the ruling [3] Market Activity - Kalshi has resumed offering contracts related to congressional control and the presidential election, with over $7 million booked in contracts for the presidential election outcome as of Monday [4]