US regulators 'voluntarily withdraw' appeal against prediction market platform Karsi

The U.S. Commodity Futures Trading Commission (CFTC) has filed a petition with the court to voluntarily withdraw its appeal against prediction market platform Kalshi.
The CFTC filed a motion without consent to voluntarily withdraw its appeal with the U.S. Court of Appeals for the District of Columbia Circuit on the 5th (local time). This was in response to the fact that the settlement with Karsi had been reached.
If the application is approved by the court, it would end an appeal by the CFTC against a lower court ruling that it could not block Karsi's political event contract listing.
This could enable Karsi to offer users the ability to bet on political events, namely elections.
"If the Court grants the CFTC's petition,
"If the petition is filed, I will cover all costs, including legal fees and attorney's fees, at my own expense." In addition, on the 6th, the day after the petition was filed, X posted, "The election prediction market is now in place."
In 2023, Karsi filed a lawsuit against the CFTC after it ordered it to stop offering political contracts. A lower court ruled in favor of Karsi, but the CFTC
TC filed an appeal in September 2024. The move to withdraw the appeal is also noteworthy because it was made after a change in the U.S. administration. Most of the cases took place before the U.S. presidential election, when Donald Trump was in power.
A real change in direction occurred after the selection of Interim CFTC Chair Caroline Pham, who was appointed by President Rump.
Summer Marsinger, a Biden appointee
CFTC Commissioner David Mersinger echoed Karsi's position in February, saying, "Election prediction markets are no longer
"It has become established," he said.