Warning of an imminent "explosion in election gambling," the U.S. Commodity Futures Trading Commission asked an appeals court to extend the pause on Kalshi's political prediction markets for as long as the agency's appeal is pending.

"The district court’s order has been construed by Kalshi and others as open season for election gambling," the CFTC said in a filing Saturday, referring to a judge's Sept. 6 decision that the regulator shouldn't have stopped the company from offering contracts on which party will control each house of Congress.

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