Following Judge Cobb’s decision, the CFTC sought to have her order stayed while they appealed it. However, Cobb refused to grant the request. The regulator then turned to a U.S. federal appeals court to request a temporary block on the election-related events contracts. Unfortunately for the CFTC, the appeals court unanimously denied their emergency motion to stay, stating that the regulator had not presented any solid evidence to support their claim that election contracts posed a risk to the public interest.
This decision marks a setback for the CFTC’s efforts to regulate election-related contracts. The appeals court’s ruling highlights the need for concrete evidence to support regulatory actions, especially in cases where the public interest is at stake.
