Operator v. federal government
KalshiEX LLC v. Commodity Futures Trading Commission
U.S. District Court for the District of Columbia, 1:23-cv-03257
Decided
Judge Jia M. Cobb ruled for Kalshi on Sept. 6, 2024 (opinion released Sept. 12, 2024) and vacated the CFTC's order blocking its congressional-control contracts. The CFTC voluntarily dismissed its appeal in May 2025, so the ruling stands.
The question
Whether the CFTC lawfully barred Kalshi's contracts on which party would control Congress as unlawful 'gaming' or contrary to the public interest under the CEA's special-rule provision.
Kalshi challenged under the Administrative Procedure Act the CFTC's 2023 order prohibiting it from listing contracts on control of the House and Senate. The district court ruled for Kalshi and set the order aside, which let Kalshi list election contracts ahead of the 2024 election. Courts in later state cases cite the decision for the background of CFTC registration of event-contract exchanges.
Docket timeline
D.C. Circuit grants the CFTC's unopposed motion and dismisses its appeal, leaving the ruling in place.
Source: covers.com
Memorandum opinion released (2024 WL 4164694); at a hearing the same day the court denies the CFTC's request for a stay pending appeal.
Source: abc17news.com
Judge Cobb rules for Kalshi on the cross-motions for summary judgment and vacates the CFTC order (the order the CFTC appealed).
Source: dockets.justia.com
Kalshi files suit; assigned to Judge Jia M. Cobb.
Source: dockets.justia.com
Sources
- Justia docket: KalshiEX v. CFTC, D.D.C. 1:23-cv-03257
- Justia: KalshiEX v. CFTC, No. 24-5205 (D.C. Cir. 2024-10-02)
- Justia docket: KalshiEX v. CFTC, D.C. Cir. 24-5205
- Justia: KalshiEX v. Flaherty, No. 25-1922 (3d Cir. 2026-04-06)
- CNN via ABC17: judge allows Kalshi election contracts (2024-09-12)
- Covers: CFTC has Kalshi appeal dropped (2025-05-08)