From: Michael Geglio Organization(s): not applicable Jan 19, 2023 · In September, PredictIt, along with a few traders on the exchange and college professors who use the exchange data for research, sued the Commodity Futures Exchange Commission (CFTC) in a Texas Sep 12, 2022 · The CFTC action taken on Aug. In the most recent update to the case, the CFTC filed a motion to transfer the case to the District of Columbia, where the CFTC is located. Gamification of Politics Sep 15, 2022 · According to CoinDesk, several traders and academic users of the forecasting market PredictIt and technology provider Aristotle International filed a lawsuit with the US Commodity Futures Trading Commission (CFTC) in the US District Court for the Western District of Texas, asking the CFTC to prove that its August The reason for ordering the shutdown of the site for U. users by Feb. for the Western District of Texas . The CFTC does not typically authorize the trading of political predictions as commodity futures. Aug 3, 2023 · USA August 3 2023. CFTC webinar. The letter it sent to PredictIt did U. 15, 2023. Nov 1, 2023 · New Zealand’s Victoria University runs another small market called PredictIt, which won a lawsuit against the CFTC this year after the agency tried to shut it down. This team seeking to keep PredictIt up and running notably does not include the University. ). We're still in the Dec 24, 2022 · PredictIt went to court after the CFTC revoked its “no-action” letter for the exchange in August. Here is the CFTC press release: Release Number 8567-22 CFTC Staff Withdraws No-Action Letter to Victoria University of Wellington, New Zealand Regarding a Not-For-Profit Market for Certain Event Contracts August 04, […] Jul 19, 2022 · Kalshi Legal Case Information. Commodity Futures Trading Commission from closing the PredictIt event contract market. If the CFTC were Aug 8, 2022 · Last week, the CFTC withdrew that agreement, which is called a no-action letter, and said that PredictIt needs to shut down all its contracts by Feb. Earlier in August, the CFTC announced that it had pulled a “No-Action” letter it offered organizers of PredictIt, an online political futures However, in August 2022, the CFTC withdrew the letter and issued notice to PredictIt to cease operations within 6 months, which led to suit being filed by supporters of PredictIt. PredictIt began operating in 2014, after the CFTC Division of Market PredictIt is a popular platform that enables customers to place wagers regarding the outcome of financial, as well as political events. Federal District Court for the Western District of Texas and Aristotle is the contract service provider for PredictIt. Feb 7, 2023 · The Commodity and Futures Trading Commission (CFTC) fired back last week in an appeal proceeding at light speed over whether the popular election betting prediction site PredictIt will close, at least temporarily, on February 15 at 11:59 PM. over objections from supporters of the online marketplace PredictIt, which filed the lawsuit challenging the CFTC's actions in Sep 16, 2022 · The CFTC in 2014 gave PredictIt permission to operate as a spontaneous political betting market, provided that it respect certain limits on fees, advertising, trading volume and content. 4, 2022). On November 1, 2023, Kalshi sued the U. Stuart Kyle Duncan, Circuit Judge: The PredictIt Market is an online marketplace that lets people trade Jun 24, 2023 · Pham's dissent pointed to an appeals court ruling on another prediction market, PredictIt, which the CFTC ordered shut down last year. During Gill’s tenure at the agency, the CTFC allowed comes of political events. _____ Appeal from the United States District Court . Jan 22, 2024 · January 22, 2024. The petitioners challenged the district court's decision to transfer their lawsuit against the Commodities Futures Trading Commission (CFTC) to the U. But, in 2022, the division rescinded the no-action letter, accusing PredictIt of violating the Mar 21, 2023 · The lawsuit between PredictIt and the CFTC continues with the former body hoping that its opponent will be found in contempt Image Source: Shutterstock. In Friday’s filing, the CFTC argued that since it withdrew the old letter and issued a new one, the injunction should be lifted, and the plaintiffs’ appeal should be dismissed. 22-08, Withdrawal of CFTC Letter No. Numerous plaintiffs filed suit on Sep 9, including site operator Aristotle International. PredictIt is suing to keep its markets for PredictIt, a market that American political junkies have long used to bet on elections, sued the main US derivatives regulator for revoking its legal authority to operate. 06, 2022 (GLOBE NEWSWIRE) -- More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to Oct 3, 2022 · The action follows a lawsuit filed on Sept. Their goal is to overturn the pulling of the no-action letter and allow PredictIt to continue offering political markets. operations, though PredictIt has filed a lawsuit to overturn that decision. Users of PredictIt make small investments based on predicting political events, such as future elections or the passage of fed-eral legislation. Not my best market. A lawsuit involving a company that offers future bets on political elections is being transferred to a new district court. District Judge David Alan Ezra has decided to transfer a lawsuit that accuses the Commodity Futures Trading Commission (CFTC) of acting “arbitrarily and capriciously Sep 12, 2022 · The lawsuit filed today seeks CFTC disclosures, questions legality of interference with PredictItWashington, DC, Sept. [4] The market was initially launched on 3 November 2014. The plaintiffs already notified the district court of their intent to oppose the motion. com (202) 903-4221 While PredictIt has received an injunction, its long-term future remains far from clear. 9 in US Federal District Court for the Western District of Texas in response to CFTC action to force a wind-down of the popular event prediction market Mar 6, 2023 · The August 4 letter is the focus of a lawsuit filed by PredictIt and Aristotle, along with several traders and researchers who use the site. com PredictIt , a platform that allows customers to wager on political and financial events, is under fire by US regulators that seek to shut down the exchange . It found the CFTC’s rescission of the no-action letter was likely arbitrary and capricious, and sent the case to the district court for further proceedings. PredictIt is an online market that allows users to @jack I think what I was going for when I created this question was to address whether the lawsuit would be resolved favorably to PredictIt this year. The CFTC’s decision has already prompted criticism from some who see PredictIt as an academic tool. Polymarket, whose Kalshi is suing the CFTC for blocking their election market contracts: Here's a Manifold market I made about the outcome of the lawsuit: https://manifold. Magistrate Mark Lane issued the eight-page ruling Monday. It launched in 2014 after the university received the blessing of the Commodity Futures Trading Commission’s Division of Market Oversight via a “no-action letter. ” . Oct 2, 2022 · PredictIt Says CFTC Action Harming Traders. However, it now looks like it will have to fight the lawsuit to the end, despite withdrawing the letter that sparked it in the first place. The platform said in a federal court filing on Friday that the Commodity Futures Trading Commission moved to halt trading in its contracts last month “arbitrarily CFTC, may prevent the Commission from taking action on KalshiEx, LLC’s (Kalshi) congressional control political event contracts. In that decision, the federal agency said all outstanding markets should be liquidated by Feb Oct 3, 2022 · The action follows a lawsuit filed on Sept. Jul 24, 2023 · Court Sides With PredictIt: CFTC Actions Are 'Arbitrary and Capricious'. Aug 4, 2022 · The Commodity Futures Trading Commission building in Washington, DC. Aug 9, 2022 · PredictIt, a website that allows users to profit by forecasting future events, said last week that its regulator, the Commodity Futures Trading Commission, will withdraw PredictIt's authorization Oct 31, 2022 · The battle is far from over, though. USDC No. 1:22-CV-909 _____ Before Graves, Ho, and Duncan, Circuit Judges. by end of the day, Feb. A federal court has enjoined the U. Oct 6, 2022 · More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to withdraw No-Action Relief granted in 2014 allowing Jan 24, 2023 · PredictIt founder, John Phillips, filed a lawsuit against the CFTC when the exchange was shut down in August arguing that the regulator’s move was “arbitrary and capricious” and the watchdog did not provide any feedback to justify its actions to close the site after years of operation. com (202) 903-4221 Jul 25, 2023 · PredictIt is a popular platform that enables customers to place wagers regarding the outcome of financial, as well as political events. 9 in US Federal District Court for the Western District of Texas in response to CFTC action to force a wind-down of the popular event prediction market Jan 27, 2023 · The Commodities Futures Trading Commission (CFTC) had ordered the PredictIt market to close by Febr. The lawsuit seeks to stop the shutdown of the markets. The nonprofit firm PredictIt, which has allowed Feb 8, 2023 · The PredictIt website was born through a partnership between its creator American businessman John Aristotle Phillips and Victoria University in Wellington, New Zealand. Congress has mandated that the CFTC promote responsible innovation and fair competition. Last Update: 05/31/2024. On May 1, 2023, the Fifth Circuit issued an Order enjoining the CFTC from “closing the PredictIt Market” or otherwise “prohibiting or deterring the trading of [PredictIt] Market contracts,” until 60 days Oct 6, 2022 · WASHINGTON, Oct. Data gathered from those transactions is shared with aca-demic researchers. In response, PredictIt filed a Nov 23, 2022 · Things have heated up quickly since the Commodity Futures Trading Commission (CFTC) filed a motion to dismiss the lawsuit seeking to avert PredictIt ‘s shutdown. 06, 2022 (GLOBE NEWSWIRE) -- More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to Jan 3, 2023 · WASHINGTON, January 3, 2023 (Newswire. Since the Oct 3, 2022 · Skip to main content. A twitter rando with little identifying information is taking credit (edit: account just went private after complaining of harassment from Predictit users so tweet is unlinkable now, was@tnim__), claiming he lobbied for it as an act of revenge for Predictit banning him years ago. 1. May 3, 2023 · The CFTC sought to forfeit the current legal battle and start from scratch in its attempts to force PredictIt to shut down. Jul 24, 2023 · The ruling remands the case to the United States District Court for the Western District of Texas with an order to enter an injunction against the CFTC and proceed with a hearing on the merits of Jul 21, 2023 · Essentially, it is a futures market for politics. The withdrawal of that permission by the CFTC precipitated the lawsuit. According to a Law360 report, U. The CFTC could not immediately Aug 5, 2022 · The Commodity Futures Trading Commission has withdrawn the No-Action Letter issued to Victoria University of Wellington and under which PredictIt has operated since 2014. Aug 24, 2023 · The Commodity Futures Trading Commission is weighing a proposal to allow derivatives trading on the question of which party controls Congress. Oct 3, 2022 · The action follows a lawsuit filed on Sept. So I am inclined to resolve NO if the lawsuit has not been resolved before the end of the year. The Federalist Society is hosting a webinar featuring the attorney representing the plaintiffs in the PredictIt lawsuit, as well as Aristotle’s General Counsel. PredictIt was founded in 2014. United States Fifth Circuit Court of Appeals finds CFTC's 2014 no-action Mar 1, 2024 · This case concerns a petition for a writ of mandamus filed by various users of the PredictIt platform against the United States District Court for the Western District of Texas. / Government / By Mick Bransfield. com. C. But unless something changes, the site is going to go dark just as online PredictIt is a New Zealand -based online prediction market that offers exchanges on political and financial events. Several investor and academic plaintiffs, many of whom reside in the Austin area served by the US District Court for the Western District of Texas, have been added to the lawsuit; seek injunctive relief. The betting platform has been involved in a lawsuit for quite some time now after the Commodity Futures Trading Commission (CFTC) asked it to discontinue its offering last summer. By revoking the original letter, the agency now says the injunction is moot, and the appeal should be dismissed. com) More than a dozen The revocation letter alleged that PredictIt had violated the terms of the 2014 no-action letter, but did not identify specific violations. The Commission is already allowing an unregistered event contract market, PredictIt, to continue to operate its political control markets through the November 2022 election cycle and until Feb. May 23, 2024 · Comment for Proposed Rule PR 8907-24. The platform has been in a legal battle with the Commodity Futures Trading Commission (CFTC) after the body ordered PredictIt to Jun 24, 2023 · After PredictIt sued, the Fifth Circuit Court of Appeals ordered PredictIt be allowed to continue operating until around two months after a court ruled on the underlying lawsuit. 4, 2022, threatens to harm not only the value of modest investments of more than 80,000 PredictIt traders but the quality of the anonymized data used by more than 200 Oct 6, 2022 · WASHINGTON, Oct. Dec 12, 2022 · On Monday, a federal judge in Texas issued a recommendation that PredictIt’s lawsuit against the CFTC be moved to a federal court in Washington DC. 06, 2022 (GLOBE NEWSWIRE) -- More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to Aug 9, 2022 · No enforcement action was released in conjunction with the letter, but the CFTC did say that PredictIt would need to wind down trading on the market in the U. In response, PredictIt filed a Oct 28, 2022 · PredictIt, another prediction market, was told by the CFTC earlier this year to wind down its U. Small Victories for the Mar 3, 2023 · The CFTC filed to dismiss PredictIt's lawsuit in a federal appeals court and made public its claims against the political futures exchange. WASHINGTON – October 6, 2022 – ( Newswire. This article is for subscribers only. The plaintiffs countered with a motion seeking to expedite the hearing. PredictIt, a university-owned nonprofit platform for investors to trade Mar 6, 2023 · In addition to the claims about the university’s and Aristotle’s relationship, the CFTC also claims that 17 markets offered on PredictIt violated the no-action letter’s terms. That 2022 letter recommended that PredictIt liquidate open contracts and discontinue operations by Feb. Following this revocation, the Users, a group comprised of market operators, traders, and academics who all used PredictIt, filed suit against the CFTC and requested a preliminary injunction. Commodity Futures Trading Commission's shutdown of an election gambling platform should remain in Texas while the platform May 18, 2023 · Rostin Behnam, chairman of US Commodity Futures Trading Commission (CFTC), during a Financial Stability Oversight Council (FSOC) meeting. Several professionals, including college professors and industry members, banded with PredictIt to file a lawsuit in a district court in Texas. 12, 2022 (GLOBE NEWSWIRE) -- On Friday, PredictIt traders, academic users Jan 18, 2023 · Aristotle CFTC kalshi political prediction PredictIt Class Action Contact Data Brandi Travis Chief Marketing Officer press@aristotle. Sep 15, 2022 · The site should return all balances to customers by 11:59 PM on Feb 15, 2023. Law360 (January 22, 2024, 10:24 PM EST) -- A lawsuit challenging the U. It launched in 2014 after the university received approval of the Commodity Futures Trading Commission’s Division of Market Oversight via a “no-action letter. Sign Up Log In Dashboard Logout Oct 7, 2022 · Additional plaintiffs join the Predictit lawsuit against the CFTC. District Court for the District of Columbia (D. However, it gave the university assurances that it would not take enforcement action against a small exchange for research purposes. com) - More than a dozen PredictIt traders and educators, and PredictIt service provider Aristotle, who are suing the Commodity Futures Trading Commission PredictIt was formed via a partnership between its creator, American businessman John Aristotle Phillips, and Victoria University in Wellington, New Zealand. Aristotle. Apr 18, 2024 · There are two upcoming events related to the PredictIt (April 18th) and Kalshi (May 30th) lawsuits against the CFTC: (1) Clarke v. 15, the Oct 6, 2022 · Aristotle is the contract service provider for the PredictIt Market, which has operated under No-Action Relief CFTC 14-130 since 2014. A group of PredictIt traders, academic users, and market service provider Aristotle Feb 9, 2023 · CFTC political betting prediction market PredictIt Class Action Contact Data Brandi Travis Chief Marketing Officer press@aristotle. 418. S. Oral arguments in the case have been scheduled for Wednesday, but the Fifth Circuit Court of Appeals CFTC Court Filing Due This Week The CFTC wants the Fifth Circuit to lift an injunction it placed on the agency earlier this year at the request of PredictIt and other plaintiffs in a federal lawsuit filed to keep the exchange alive. I think I'll modify the question to include the year 2023. 14-130 (Aug. Discussing Clarke v. com) - More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to Another prediction market, PredictIt, was instructed early this year by the CFTC to cease operations in the United States; however, PredictIt has now filed a lawsuit to challenge that order. District Judge David Alan Ezra transferred the lawsuit to D. Sep 15, 2022 · PredictIt, several of its traders and academic users, and technology provider Aristotle International have filed a lawsuit seeking to block the Commodity Futures Trading Commission (CFTC) from Nov 14, 2022 · Together with a group of traders and academics, PredictIt is suing the CFTC for its right to continue doing business. But the Commission Jun 9, 2023 · CFTC Headquarters Three Lafayette Centre 1155 21st Street, NW Washington, DC 20581 202. markets Oct 6, 2022 · More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to withdraw No-Action Relief granted in 2014 allowing the popular election prediction market, PredictIt, to operate in the United States. They’re hoping to obtain a preliminary injunction before Christmas. Staff of the CFTC granted a no-action letter to PredictIt in 2014, stating that staff would not recommend an Feb 9, 2023 · CFTC political betting prediction market PredictIt Class Action Contact Data Brandi Travis Chief Marketing Officer press@aristotle. The World's Online Gaming Authority Since 1995 . [1] PredictIt is owned and operated by Victoria University of Wellington [2] with support from Aristotle, Inc. How the PredictIt Case Started Jan 24, 2023 · The podcasters recorded an “emergency” episode about the CFTC’s announcement, in which PredictIt’s imminent demise was discussed in sarcastically over-serious (but still pretty serious) terms. ” The lawsuit was filed on Sept. As of August 15, 2022, PredictIt lists contracts on whether the Democrat or Republican party will control the Senate after 2022, and whether the Democrat or Republican party will win the House in 2022. Mon, Jul 24, 2023, 4:15 PM 2 min read. Oct 6, 2022 · WASHINGTON, Oct. A group of PredictIt traders, academic users, and market service provider Aristotle Jan 26, 2023 · A federal appeals court will hear oral arguments in PredictIt's lawsuit against the Commodity Futures Trading Commission next month. PredictIt is an online market that allows users to trade based on the anticipated outcome of political events. Below is a timeline of Kalshi’s attempts to offer election markets with respective media A federal judge in Texas recommends moving a lawsuit filed against the Commodity Futures Trading Commission (CFTC) by PredictIt and other parties to the US District Court in Washington, DC. Without judicial intervention, the site Jul 20, 2023 · PredictIt is a political futures exchange operating out of the Victoria University of Wellington in New Zealand. Victoria University received CFTC permission in 2014 to operate the site for educational purposes. They are also backed by two investors who say the The Fifth Circuit ordered a lower court to enter a preliminary injunction blocking the CFTC from shutting down PredictIt while the case plays out. D. Commodity Futures Trading Commission (CFTC) for rejecting its proposed contracts for partisan control of Congress. 1 hearing on the matter in […] The post Federal Judge Recommends Moving PredictIt Lawsuit Jan 27, 2023 · The Commodities Futures Trading Commission (CFTC) had ordered the PredictIt market to close by Febr. The World's Online Gaming Authority Since 1995 Search Сlose Jul 21, 2023 · Commodity Futures Trading Commission, Defendant—Appellee. It comes less than two weeks after he held a Dec. Oct 30, 2022 · CFTC Also Seek to Dismiss PredictIt Lawsuit. Missing from the case, however, is Victoria University. PredictIt is joined in the lawsuit by two college professors who use the market for research purposes. com (202) 903-4221 Mar 21, 2023 · The CFTC wants the Fifth Circuit to lift an injunction it placed on the agency earlier this year at the request of PredictIt and other plaintiffs in a federal lawsuit filed to keep the exchange Jan 18, 2023 · Court Sides With PredictIt: CFTC Actions Are 'Arbitrary and Capricious' 10 months ago United States Fifth Circuit Court of Appeals finds CFTC's 2014 no-action letter constitutes a "license" Jan 27, 2023 · These plaintiffs include PredictIt, its operator Aristotle, and a group of affected users. 9 in U. 9 in US Federal District Court for the Western District of Texas in response to CFTC action to force a wind-down of the popular event prediction market The CFTC filed a 70-page brief Tuesday arguing against PredictIt's appeal, saying the case is meritless for several reasons. [3] The company's office is located in Washington, D. ### Source: PredictIt PredictIt is closing due to CFTC changing its mind. In 2014, a division within the Commodity Futures Trading Commission (“CFTC”) issued PredictIt a “no-action letter,” effectively allowing it to operate without registering under federal law. Questions included whether the revocation was arbitrary and capricious, whether the letter constituted "final action" on the part of the agency, and whether the We must apply our rules fairly. View all comments for PR 8907-24. 5000 Jul 24, 2023 · July 24, 2023. PredictIt, a company that offers futures bets on political events, has had a district court verdict overturned in the Fifth Circuit Court of Appeals allowing it to continue operating for the time being. On Thursday, the federal agency notified PredictIt that it was pulling its “no-action” letter, a move that prompted the Aug 21, 2023 · PredictIt, a small online political-futures market operated by a New Zealand university, has won an important court ruling against the Commodity Futures Trading Commission, which seeks to shut it May 1, 2023 · CFTC Letter No. The CFTC responded by taking action on two Jul 24, 2023 · The ruling remands the case to the United States District Court for the Western District of Texas with an order to enter an injunction against the CFTC and proceed with a hearing on the merits of Mar 5, 2023 · The reasons relate to a lawsuit against the CFTC by PredictIt, its operator Aristotle International, and several individual stakeholders. After PredictIt sued, the Fifth Circuit Court of Appeals Oct 6, 2022 · WASHINGTON, October 6, 2022 (Newswire. Requests for the full text of the lawsuit and other press inquiries should be directed to press@aristotle. Feb 5, 2024 · In 2014, the CFTC issued PredictIt a No-Action Relief letter that allowed the platform to operate not-for-profit political contract markets. nl ke ac al ru al wc lm vr bu