Kalshi stock perpetuals remain live despite judge’s doubts over CFTC authority
Gaming America reports that on November 3 a federal judge in Manhattan found a group backed by Cboe and Citadel Securities is likely to prove the CFTC had no authority to approve stock perpetual futures for retail investors, but denied an emergency bid to block the contracts. Kalshi has listed four stock perpetuals on Qualcomm, McDonalds, Amgen and Costco at up to 4.9 times leverage, and the CFTC must answer the request for a preliminary injunction by November 6.
A federal judge in Manhattan declined on November 3 to immediately block Kalshi’s stock perpetual futures, while finding that a group backed by Cboe and Citadel Securities is likely to establish that the CFTC lacked authority to approve the contracts for retail investors, according to Gaming America.
The decision leaves trading in place despite the judge’s preliminary assessment of the challenge. It does not amount to a final ruling on the CFTC’s authority.
Contracts remain available as challenge proceeds
Kalshi has listed four stock perpetuals tied to Qualcomm, McDonalds, Amgen and Costco, with leverage of up to 4.9 times, according to Gaming America. The emergency request sought to stop the contracts, but the judge denied that relief.
The next specified deadline is November 6, when the CFTC must respond to the request for a preliminary injunction. That response is the next procedural step identified in the reporting, rather than a scheduled final decision.
What it means for prediction markets
- Trading access and legal standing remain separate questions. The contracts can continue trading even though the judge’s initial assessment favors the challenge to the CFTC’s authority.
- November 6 is a response deadline. Readers should distinguish the CFTC’s required filing from any subsequent ruling on a preliminary injunction.
- The reported challenge concerns stock perpetual futures. The account does not establish a ruling on Kalshi’s prediction-market contracts more broadly.
Sources & attribution
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- Gaming America
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