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CFTC Poised to Deny US Political Gambling Before November Polls

  • Kalshi wants to offer event contracts on congressional control
  • US has long refused to greenlight derivatives on elections
Rostin Behnam, chairman of US Commodity Futures Trading Commission.

Rostin Behnam, chairman of US Commodity Futures Trading Commission.

Photographer: Ting Shen/Bloomberg

The top US derivatives regulator is poised to deny a plan that could let Americans bet on politics ahead of next month’s elections.

Commodity Futures Trading Commission staff have recommended that the agency reject a bid by the exchange Kalshi Inc. to offer contracts that would let people wager $25,000 on which party will control Congress, according to people with knowledge of the matter. While the agency’s five politically appointed commissioners must also vote, they don’t typically override such recommendations.