The CFTC has dropped its appeal against Kalshi, allowing the platform to continue offering election betting contracts.
This decision follows a lower court ruling that limited the CFTC's authority to ban such contracts on public interest grounds.
The U.S.
Commodity Futures Trading Commission (CFTC) has moved to voluntarily dismiss
its appeal against Kalshi, effectively allowing the New York-based derivatives
trading platform to continue offering contracts that let Americans bet on
election outcomes.
CFTC Drops Appeal in
Kalshi Election Betting Case
In a filing
with the U.S. Court of Appeals for the D.C. Circuit on Monday, the CFTC
requested to drop its appeal following a 3–0 commission vote, with one
commissioner abstaining. The agreement stipulates that each party will bear its
own costs and fees, with KalshiEX LLC waiving all legal claims arising from the
litigation.
Tarek Mansour, the CEO and Co-Founder of Kalshi
“Today
is historic. We have always believed that doing things the right way, no matter
how hard, no matter how painful, pays off,” said Tarek Mansour, CEO and
co-founder of Kalshi, in a statement.
The
decision marks a significant development in the regulation of prediction
markets and event-based contracts in the United States. Kalshi currently offers
contracts on various political outcomes, including potential 2028 presidential
nominees and specific Senate races.
CFTC vs. Kalshi
The dispute
began
in June 2023 when Kalshi sought CFTC permission to list contracts allowing
Americans to bet on which party would control the House of Representatives and
Senate. The CFTC initially prohibited these contracts, citing concerns about
unlawful gaming and public interest issues.
Kalshi
responded by filing a lawsuit, arguing the CFTC had exceeded its authority. In
September, D.C. District Court Judge Jia Cobb ruled in Kalshi's favor,
determining that Congress had not authorized the CFTC to conduct the public
interest review that led to the ban.
Although
the CFTC immediately appealed and secured a temporary stay, the appeals court
later lifted the freeze, allowing Kalshi to proceed with offering
election-related contracts while the appeal was pending.
“Betrayal of the Public
Interest”
The CFTC's
decision to drop its appeal has drawn criticism from financial reform
advocates. Better Markets called the move “a stark betrayal of the public
interest,” arguing that allowing betting on election outcomes threatens
electoral integrity and could lead to market manipulation.
In January,
Kalshi named Donald Trump Jr. as a strategic advisor to the firm, further
highlighting the company's connections to the political sphere as it expands
its prediction market offerings.
State
regulators have also stepped in. As reported by FinanceMagnates.com in
late March, Nevada—America’s gambling hub and a major revenue earner from Las
Vegas—has
raised concerns over Kalshi’s contracts.
Event Contracts to Become “Trillion
Dollar Asset Class”
Prediction
markets aren’t just about elections. Every day, thousands of users place bets
through Kalshi and its partner companies—including
retail trading giant Robinhood—on a wide range of future events. These
range from Bitcoin’s end-of-session price and the release date of GTA 6, to the
outcomes of basketball games.
And as FinanceMagnates.com
has learned, these markets are attracting significant capital. In March this
year, Kalshi’s March Madness contracts on the NCAA basketball tournaments
recorded a record-breaking $200 million in trading volume.
Jack Such
of Kalshi, who oversees Business & Media Development, told
FinanceMagnates.com that prediction markets have shown “an
astronomical rate of growth.” In his view, event contracts “will become a
trillion-dollar asset class.”
The U.S.
Commodity Futures Trading Commission (CFTC) has moved to voluntarily dismiss
its appeal against Kalshi, effectively allowing the New York-based derivatives
trading platform to continue offering contracts that let Americans bet on
election outcomes.
CFTC Drops Appeal in
Kalshi Election Betting Case
In a filing
with the U.S. Court of Appeals for the D.C. Circuit on Monday, the CFTC
requested to drop its appeal following a 3–0 commission vote, with one
commissioner abstaining. The agreement stipulates that each party will bear its
own costs and fees, with KalshiEX LLC waiving all legal claims arising from the
litigation.
Tarek Mansour, the CEO and Co-Founder of Kalshi
“Today
is historic. We have always believed that doing things the right way, no matter
how hard, no matter how painful, pays off,” said Tarek Mansour, CEO and
co-founder of Kalshi, in a statement.
The
decision marks a significant development in the regulation of prediction
markets and event-based contracts in the United States. Kalshi currently offers
contracts on various political outcomes, including potential 2028 presidential
nominees and specific Senate races.
CFTC vs. Kalshi
The dispute
began
in June 2023 when Kalshi sought CFTC permission to list contracts allowing
Americans to bet on which party would control the House of Representatives and
Senate. The CFTC initially prohibited these contracts, citing concerns about
unlawful gaming and public interest issues.
Kalshi
responded by filing a lawsuit, arguing the CFTC had exceeded its authority. In
September, D.C. District Court Judge Jia Cobb ruled in Kalshi's favor,
determining that Congress had not authorized the CFTC to conduct the public
interest review that led to the ban.
Although
the CFTC immediately appealed and secured a temporary stay, the appeals court
later lifted the freeze, allowing Kalshi to proceed with offering
election-related contracts while the appeal was pending.
“Betrayal of the Public
Interest”
The CFTC's
decision to drop its appeal has drawn criticism from financial reform
advocates. Better Markets called the move “a stark betrayal of the public
interest,” arguing that allowing betting on election outcomes threatens
electoral integrity and could lead to market manipulation.
In January,
Kalshi named Donald Trump Jr. as a strategic advisor to the firm, further
highlighting the company's connections to the political sphere as it expands
its prediction market offerings.
State
regulators have also stepped in. As reported by FinanceMagnates.com in
late March, Nevada—America’s gambling hub and a major revenue earner from Las
Vegas—has
raised concerns over Kalshi’s contracts.
Event Contracts to Become “Trillion
Dollar Asset Class”
Prediction
markets aren’t just about elections. Every day, thousands of users place bets
through Kalshi and its partner companies—including
retail trading giant Robinhood—on a wide range of future events. These
range from Bitcoin’s end-of-session price and the release date of GTA 6, to the
outcomes of basketball games.
And as FinanceMagnates.com
has learned, these markets are attracting significant capital. In March this
year, Kalshi’s March Madness contracts on the NCAA basketball tournaments
recorded a record-breaking $200 million in trading volume.
Jack Such
of Kalshi, who oversees Business & Media Development, told
FinanceMagnates.com that prediction markets have shown “an
astronomical rate of growth.” In his view, event contracts “will become a
trillion-dollar asset class.”
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
CFD Industry Stats from 2025: Five Defining Trends - And One Prediction for 2026
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
