US CFTC withdraws appeal against crypto prediction platform, Kalshi says "election contracts will continue to exist"

Kalshi posted on the X platform that the U.S. Commodity Futures Trading Commission (CFTC) has "withdrawn its appeal against the crypto prediction platform." Last year, the CFTC filed a motion to try to prevent Kalshi from providing prediction markets related to the November election. Previously, a federal judge ruled that the CFTC "exceeded its authority" in preventing Kalshi from allowing users to trade contracts. CFTC Commissioner Summer K. Mersinger also said in February this year: "Election contracts will continue to exist." Kalshi said: "Election markets will continue to exist."