After just a few hours, U.S. election bets put on hold by appeals court ruling
Legal Business News
Just hours after it began, legal betting on the outcome of U.S. Congressional elections has been put on hold by a federal appeals court.
The Court of Appeals for the District of Columbia Circuit issued an order Thursday night temporarily freezing the matter until it can consider and rule on the issue. No timetable was initially given.
The court acted at about 8:30 p.m. Thursday, mere hours after a federal judge cleared the way for the only bets on American elections to be legally sanctioned by a U.S. jurisdiction.
U.S. District Court Judge Jia Cobb permitted New York startup company Kalshi to begin offering what amounts to bets on the outcome of November elections regarding which parties win control of the House and Senate.
The company’s markets went live soon afterwards, and Kalshi accepted an unknown amount of bets, which it called “contracts.”
The Thursday night order put a halt to any further such bets. What might happen to those already made was unclear Friday.
Neither Kalshi nor the commission immediately responded to messages seeking comment Friday.
The ruling came after the Commodity Futures Trading Commission appealed Cobb’s ruling, warning that allowing election bets, even for a short period of time, risked serious harm from people trying to manipulate the election for financial purposes.
The Thursday night order put a halt to any further such bets. What might happen to those already made was unclear Friday.
Neither Kalshi nor the commission immediately responded to messages seeking comment Friday.
The ruling came after the Commodity Futures Trading Commission appealed Cobb’s ruling, warning that allowing election bets, even for a short period of time, risked serious harm from people trying to manipulate the election for financial purposes.
Related listings
-
‘The Mentalist’ star Simon Baker admits drinking and driving in Australia
Legal Business News 09/11/2024Australian actor and director Simon Baker, best known for his role as Patrick Jane in the CBS drama series “The Mentalist,” avoided a conviction Wednesday after pleading guilty to a charge of driving under the influence of alcohol near hi...
-
Venezuela’s Supreme Court certifies Maduro’s claims that he won presidential election
Legal Business News 08/25/2024Venezuela’s Supreme Court has backed President Nicolás Maduro’s claims that he won last month’s presidential election and said voting tallies published online showing he lost by a landslide were forged.The ruling is the lates...
-
Former Rep. George Santos pleads guilty in federal fraud case
Legal Business News 08/20/2024George Santos, the former New York congressman who spun lies into a brief political career, pleaded guilty Monday to wire fraud and aggravated identity theft, acknowledging that he allowed his ambitions to cloud his judgment.Santos, 36, is likely to ...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.