The agency says it can't make "an informed decision" about whether to appeal the judge's decision in Kalshi's favor until it knows her as-yet-unpublished rationale.

Hours after losing a long-running court case filed by U.S. prediction market platform Kalshi, regulators are making a hail Mary pass.

Late Friday, the Commodity Futures Trading Commission filed an emergency motion asking a federal judge to grant a temporary stay of her decision in Kalshi's favor. The stay would prevent Kalshi from listing election markets for at least 14 days.

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