CFTC Authority Upheld

The most likely path is that the court allows the CFTC approval to stand while litigation proceeds, especially after the judge already refused to block trading on November 4. Coinbase and Kalshi’s intervention strengthens the defense that these products fall within CFTC-supervised futures markets rather than SEC-only securities jurisdiction.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.