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SEC v. Kalshi: Political Event Contracts Case
The SEC is challenging Kalshi's attempt to offer political event contracts, arguing they constitute illegal gambling. This landmark case could determine the future of prediction markets in the United States.
What Changed
- DC Circuit Court of Appeals granted emergency stay pending appeal Court Filing
- Kalshi filed response brief arguing markets serve public interest Legal Brief
- SEC requests expedited briefing schedule Motion Filing
- Industry groups file amicus briefs supporting Kalshi Court Document
Key Facts
DC Circuit, Federal
active
Nov 1, 2023
Jan 22, 2026
Primary Documents
Timeline
DC Circuit grants emergency stay
The DC Circuit Court of Appeals granted the SEC's emergency motion for a stay pending appeal.
Kalshi files opposition to stay
Kalshi filed its opposition brief arguing that the stay would cause irreparable harm.
SEC files emergency stay motion
The SEC filed an emergency motion requesting a stay pending appeal.
District court rules for Kalshi
Judge ruled that the CFTC exceeded its authority.
