The U.S. Commodity Futures Trading Commission went beyond its statutory authority when it tried to block prediction market Kalshi's move to offer contracts tied to the U.S. 2024 election, a judge ruled. 

Kalshi's contracts do not involve "unlawful activity or gaming," said Judge Jia M. Cobb for the U.S. District Court for the District of Columbia, in an order posted on Thursday.

"This case is not about whether the Court likes Kalshi’s product or thinks trading it is a good idea," the judge said. "The Court’s only task is to determine what Congress did, not what it could do or should do. And Congress did not authorize the CFTC to conduct the public interest review it conducted here." 

The CFTC said last year that Kalshi could not offer contracts related to "congressional control contracts." Kalshi then sued the agency in November 2023.

Judge Cobb ruled in favor of the predictions market last week and tossed the CFTC's order blocking Kalshi from listing its congressional contracts for trading. Soon after, the CFTC filed a motion seeking an emergency stay of the judge's decision for at least two weeks while the agency works on an appeal.

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