Kalshi v. CFTC - Round I

Part IV - The Back and Forth

In our previous post we did two things. First, we presented a picture that, in our opinion, summarizes the case quite well. Second, we argued that the CFTC, willingly or not, turned the case into an argument over definitions, and lost because it couldn’t offer one that was better than Kalshi’s.

How did that happen? In this post, we sample from the punches and counterpunches that the CFTC and Kalshi threw at each other.

The CFTC punched first…