The U.S. Commodity Futures Trading Commission (CFTC) announced that it has begun a 90-day formal review of the prediction market Kalshi smart contract that allows users to bet on who will control the U.S. Congress. The CFTC has asked Kalshi not to list or trade the contracts while the CFTC reviews them. The CFTC is seeking public comment on specific issues related to Kalshi's self-certified congressional control contract during a 30-day public comment period. Public comment period ends July 24, 2023. Foresight News previously reported that on June 17, according to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) will hold a meeting on June 26 to review the smart contract that allows users to bet on who will control the U.S. Congress on the prediction market Kalshi. The formal 90-day review, the legal process by which the CFTC decides to approve or reject the contract, was submitted by Kalshi for CFTC review last year but has since been withdrawn and is now submitting a new application to the CFTC.
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