Marc Hochstein is CoinDesk's Deputy Editor-in-Chief for Features, Opinion, Ethics and Standards. He holds BTC above CoinDesk's disclosure threshold of $1K and de minimis amounts of other digital assets (details in bio).
Kalshi, a U.S.-regulated prediction market platform, won its federal lawsuit against the Commodity Futures Trading Commission over a plan to offer contracts on which party will control each house of Congress after the November election.
"We did it!" the company said in a notice on its website Friday."U.S. election markets are coming to Kalshi." Last year, the CFTC forbade Kalshi from listing the Congressional control contracts, on the grounds that they would amount to unlawful gaming and would be"contrary to the public interest." Kalshi thenhanded down Friday, Judge Jia M. Cobb, of the U.S. District Court of the District of Columbia, sided with Kalshi.
Proponents say prediction markets beat polls and pundits as a method of forecasting events and gauging sentiment, because participants have skin in the game and so are incentivized to do thorough research and express their honest opinions.
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