Lawyers for the US Commodity Futures Trading Commission (CFTC) argued in a brief to an appeals court that a federal judge "erred" in allowing prediction market Kalshi to list and trade election contracts, reiterating many of the arguments it had made in lower courts. Judges ruled last month that the CFTC could not bar Kalshi from listing election contracts. Regulators applied to the appeals court for a stay of execution to prevent the company from launching the product pending the outcome of an appeal. But the court's judges ruled that the CFTC had failed to demonstrate that irreparable damage would be caused.