A judge ruled on Thursday that the Commodity Futures Trading Commission (CFTC) overstepped its authority in blocking prediction market Kalshi from listing contracts related to the US election.

In a letter to CFTC Chairman Rostin Behnam, New York Democrat and crypto-friendly Congressman Ritchie Torres urged the CFTC to "accept the ruling and move forward." He noted that many election markets have existed for years, but they are "less secure trading platforms and lack regulation."

Torres wrote: "Moreover, I encourage the Commodity Futures Trading Commission to weigh the resources that will be spent on further litigation against the broader harms that further delays could cause to election integrity and consumer protection. Delays may allow illegal and unregulated markets to continue gaining market share."