Judge Jia M. Cobb of the U.S. District Court for the District of Columbia issued a "temporary administrative stay" to suspend the dispute between Kalshi and the U.S. Commodity Futures Trading Commission (CFTC) regarding 2024 U.S. election contracts until the end of a hearing on Thursday. The CFTC had previously filed an emergency appeal of Kalshi's injunction, and the judge's decision means that Kalshi will suspend offering related contracts until this hearing. In addition, the CFTC's attention to event contracts has increased sharply, especially in the rapid expansion of the political event market.

Key Points

- U.S. District Court Judge Jia M. Cobb issued a temporary administrative stay order against Kalshi.

- The CFTC applied for an emergency stay last week to postpone the judge's previous ruling for at least two weeks.

- The incident involves Kalshi and its ability to offer contracts related to the 2024 U.S. election.

- The CFTC said in 2023 that Kalshi may not offer transactions on "congressional control contracts."

- Kalshi filed a lawsuit against the CFTC in November 2023 to challenge the decision.

- CFTC Chairman Behnam expressed concern about the increase in event contracts and emphasized the appropriateness of regulation.

- Since 2021, the CFTC has paid special attention to contracts related to political events and is preparing to issue corresponding bans.