KalshiEX, a prediction market provider, is seeking approval from the Commodity Futures Trading Commission (CFTC) for a contract that would allow users to bet on which party takes control of the US Congress. The CFTC will decide on June 26 whether to start a formal 90-day review of the contract. KalshiEX had previously submitted the contract for review, but withdrew the request and is now returning with a new submission. These cash-settled, binary contracts would enable users to predict and bet on which parties would have majority control of each of the two chambers of Congress.
These particular cash-settled, binary contracts would allow users to predict and bet on which parties would have majority control of each of the two chambers of Congress, said KalshiEX.
Prediction markets, which allow people to buy and sell contracts on whether events are going to happen or not, have had a tumultuous recent history with the CFTC. Other companies have been ordered to cease doing business in the US, such as Polymarket and PredictIt, which has been fighting the CFTC in court since last year.