alt Hacker NewsIt's kind of hard to take Kalshi out of this, since the whole premise for the Commodity Futures Trading Commission's authority here is that Kalshi is a commodity futures trading exchange, not a gambling site.
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tadfisher • today at 2:03 AM
Maybe an "event outcome prediction contract" simply ought not to be considered a "commodity" under any consistent interpretation of the law and the English fucking language.
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eclipticplane • today at 1:56 AM
When can I take delivery of my 2026 NBA Knicks team, that I purchased through the commodity futures market? I'm available Friday.
I think the gp just means, “if we put aside that this is a contentious company.”
I’m not sure that interstate commerce should apply here—it seems correct that a state can ban gambling, even if it is on the Internet against out-of-state US nationals—but if the CFTC is asserting its pre-emption under existing law, it needs to assert it (as it is doing so here.)
It’s pretty clear that this is (a) gambling and (b) explicitly excluded from the CFTC’s legal mandate (“gaming”), but obviously this is about corruption and not a good faith interpretation.
I expect this to go to the Supreme Court and for the Court to side with the corruption.