Judge says Kalshi perps can continue trading amid CFTC fight

Now, let's talk about the CFTC in the next story. Judge says stock perps look like swaps. CFTC likely overstepped. So that's a very, very small part of the market.

What actual of the story, excuse me. What actually happened, Capital Markets Alliance requested a temporary restraining order against Calci and others for perpetual swaps. I told you that story, I believe literally yesterday. That was the Citadel and CBOE backed entity.

Well, the judge stepped in and said, sorry, these can continue trading. So that was very good news for the industry, but as that headline said, the judge also said, uh, maybe you will have a case moving forward and maybe the S CFTC did overstep their bounds.

So, basically, the judge found the plaintiffs had not demonstrated imminent irreparable harm, so they could continue, but she thinks that the challenge to the CFTC's authority down the road is likely to succeed.

So a bit of good and a bit of bad. The CFTC's next response is due November 6th. The plaintiff's reply is due November 10th. So the judge very much left the doors opened uh, for future action against the CFTC.

This is muddy. We know it's going to be muddy. We know it's going to be ugly. This is happening not only with perpetual swaps. This is happening with prediction markets. It's happening with every new innovation that crypto brings to the United States.

and every innovation outside of crypto also that comes to the United States. It's always messy when you're updating infrastructure, when you're looking at new technology, and this will likely be no different.