The U.S. court has rejected the Commodity Futures Trading Commission’s (CFTC) request to block crypto-powered prediction market Kalshi from offering election-related betting. The CFTC had sought a preliminary injunction to bar Kalshi from continuing to offer such betting services while the agency’s appeal in the case proceeds. However, the court declined, stating that the CFTC had not demonstrated a likelihood of success on the merits. This decision is a significant victory for Kalshi and the broader crypto industry. It suggests that courts are increasingly willing to recognize the legitimacy of crypto-based prediction markets. It also highlights the challenges that regulators face in regulating this emerging market.