Operator v. federal government
KalshiEX LLC v. Commodity Futures Trading Commission
U.S. Court of Appeals for the District of Columbia Circuit, 24-5205
Dismissed
The panel denied the CFTC's stay request on Oct. 2, 2024. After the change of administration, the CFTC moved on May 5, 2025 to dismiss its own appeal, and the court dismissed it on May 7, 2025 without a merits ruling.
The question
Whether the district court erred in vacating the CFTC's order barring Kalshi's congressional-control contracts, and whether a stay pending appeal was warranted.
The CFTC appealed the district court's ruling for Kalshi and sought an emergency stay. A D.C. Circuit panel (Millett, Pillard, Pan) heard argument on the stay and denied it, finding the agency had not shown irreparable harm, which allowed election contracts to keep trading. Merits briefing began, but in May 2025 the agency, under new leadership, asked the court to dismiss the appeal, and the court did so.
Docket timeline
Court grants the motion and dismisses the appeal.
Source: covers.com
CFTC files an unopposed motion to dismiss its appeal.
Source: covers.com
CFTC files its opening merits brief.
Source: dockets.justia.com
Panel denies the stay without prejudice and dissolves the administrative stay (opinion by Judge Millett).
Source: law.justia.com
Oral argument on the stay motion.
Source: dockets.justia.com
CFTC files notice of appeal and emergency stay motion; administrative stay entered.
Source: dockets.justia.com