The U.S. Commodity Futures Trading Commission (CFTC) will continue its investigation into prediction market Kalshi, according to CFTC Chairman Rostin Behnam. Speaking at a financial policy event at Georgetown University’s Psilos Center for Financial Markets and Policy, Behnam said, “We believe that this is unlawful, and we will continue to stand by that.”

Last week, the CFTC lost its case against Kalshi regarding its election contracts. A federal judge in the District of Columbia ruled that the CFTC’s ban on Kalshi listing political prediction markets in the U.S. exceeded its authority.