Why I'm Suing the Federal Government over PredictIt
www.richardhanania.com
On September 9, a group of investors trading on PredictIt and academics that study its data, along with its technology provider Aristotle International, filed suit against the Commodity Futures Trading Commission (CFTC) in the Western District of Texas over its plan to shut down the website. (
The CFTC action against PredictIt got me to open an account and start trading, and whenever I hear about it I add more money. I also don't plan on using Kalshi.
This might just be legal strategy, but I am disappointed that the suit is only asking for the revocation to be stayed until existing contracts are wound down. I had hoped to see some kind of argument against the CFTC's authority in this case. It seems to be generally accepted that the legality of prediction markets is within their purview to decide, but wholesale banning of market verticals screams regulatory overreach to me. The court could throw it out, but let them do that.
What exactly are the responsibilities of people who join the lawsuit?
The CFTC action against PredictIt got me to open an account and start trading, and whenever I hear about it I add more money. I also don't plan on using Kalshi.
This might just be legal strategy, but I am disappointed that the suit is only asking for the revocation to be stayed until existing contracts are wound down. I had hoped to see some kind of argument against the CFTC's authority in this case. It seems to be generally accepted that the legality of prediction markets is within their purview to decide, but wholesale banning of market verticals screams regulatory overreach to me. The court could throw it out, but let them do that.
Best of luck. At least the suit ought to force the CTF to disclose the cost benefit analysis used to arrive at their decision.