Even temporarily blocking the election contract risks causing ‘irreversible’ damage, Calci argued.

Kalshi, who won a major court victory last week when a federal judge ruled that political prediction markets should be allowed to trade in the U.S., said the CFTC would suffer little if the new contracts were allowed to trade during the appeals process, but said the company would suffer “substantial, virtually irreparable harm” if it were to block people from betting on the outcome of the 2024 election.