{"id":235150,"date":"2022-10-02T08:01:05","date_gmt":"2022-10-02T13:01:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=235150"},"modified":"2022-10-05T17:21:46","modified_gmt":"2022-10-05T22:21:46","slug":"predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/","title":{"rendered":"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue Past Feb. 15"},"content":{"rendered":"

Three weeks after PredictIt and others filed a lawsuit against the US Commodity Futures Trading Commission (CFTC), they’re ramping up their actions. The political futures market operator and those who use it filed Friday for a preliminary injunction against the federal regulator\u2019s order requiring it to liquidate all of its open markets by February.<\/p>\n

\"Joe<\/a>
President Joe Biden, then a candidate for the office, speaks at an October 2020 campaign event in Wilmington, DE. PredictIt and other plaintiffs in a lawsuit against the CFTC filed for an injunction on Friday. They are seeking to allow the political futures trading operator to continue its 2024 presidential trading markets and other markets that the CFTC has ordered to be liquidated by Feb. 15, 2023. (Image: JoeBiden.com\/YouTube)<\/figcaption><\/figure>\n

The motion, submitted in the US District Court for the Western District of Texas, seeks the suspension of the CFTC\u2019s Feb. 15 liquidation date for all of PredictIt\u2019s outstanding markets. That includes markets for political events in 2024, such as the presidential election.<\/p>\n

\n

That particular mandate, requiring premature liquidation of 2024 election contracts and others, is already causing unnecessary and damaging disruption, distortion, and dislocation in those markets,\u201d the motion states. \u201cBecause the economic damages to Market investors are being caused by a federal Government action, sovereign immunity and other principles will make it difficult to recover these damages later, rendering the harm irreparable.\u201d<\/p>\n<\/blockquote>\n

PredictIt also wants the ability to add contracts to a market that was in place on Aug. 4. That’s when the CFTC notified Victoria University of Wellington that PredictIt\u2019s \u201cNo-Action\u201d letter was being revoked<\/a>. An injunction covering that would allow PredictIt to list contracts for new candidates who have emerged in races currently offered on the site.<\/p>\n

PredictIt Says CFTC Action Harming Traders<\/h2>\n

PredictIt is joined in the lawsuit<\/a> by two college professors who use the market for research purposes. They are also backed by two investors who say the CFTC\u2019s decision will cause them harm, as they own shares in markets set to close after the Feb. 15 date.<\/p>\n

According to a supporting memo submitted with the motion, up to 75 markets would not expire by the CFTC\u2019s Feb. 15, 2023, liquidation deadline, and nearly 14,500 traders have contracts in those markets.<\/p>\n

\u201cTraders are attempting to salvage their investments, either by withdrawing their assets from the Market entirely or attempting to predict what the prevailing belief about the outcome of events will be on the cut-off date, rather than what the outcome will actually be,\u201d the memo stated.<\/p>\n

\n

Aristotle International, a technology provider and consultant for political campaigns and the parent company of PredictIt, is also a plaintiff. The memo states Aristotle partnered with Victoria University to establish the political futures trading market and invested more than $7 million in its operation. PredictIt also employs 25 full- and part-time workers.<\/p>\n<\/div>\n

One issue PredictIt and the other plaintiffs do not seek to handle through the injunction is the ability to offer new markets.<\/p>\n

\u201cThe Plaintiffs also challenge the Commission\u2019s decision to close the Market and bar the issuance of contracts on brand new topics, but will seek relief on that issue in the normal course through summary judgment proceedings,\u201d the motion for the injunction said.<\/p>\n

‘Arbitrary and Capricious’<\/h2>\n

In October 2014, the CFTC issued a no-action letter to Victoria University, allowing PredictIt to offer political futures markets. But the federal agency included several stipulations, such as limiting individual investments and the number of traders for each contract.<\/p>\n

In its August letter, the commission said PredictIt violated the terms of the letter but did not indicate which specific criteria it considered were broken.<\/p>\n

A footnote in the memo indicated that some CFTC officials \u201corally communicated their view\u201d that some markets PredictIt offered, such as the passage of legislation or who would become a Supreme Court nominee, went against the no-action letter.<\/strong><\/p>\n

However, the plaintiffs noted Victoria University\u2019s 2014 proposal called for offering markets on elections \u201cand other significant political questions\u201d not tied to war, terrorism, or assassination, items which federal law specifically prohibits.<\/p>\n

\u201cThis explanation for the Revocation decision is written down nowhere. But to the extent that this is the basis for the agency\u2019s mandate to close the market, it is arbitrary and capricious,\u201d the plaintiffs stated.<\/p>\n","protected":false},"excerpt":{"rendered":"

Three weeks after PredictIt and others filed a lawsuit against the US Commodity Futures Trading Commission (CFTC), they’re ramping up their actions. The political futures market operator and those who use it filed Friday for a preliminary injunction against the federal regulator\u2019s order requiring it to liquidate all of its open markets by February. The […]<\/p>\n","protected":false},"author":45,"featured_media":235154,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[60,61],"tags":[82218,82192,82190],"acf":[],"yoast_head":"\nPredictIt Seeks Injunction Allowing Political Futures Trading to Continue<\/title>\n<meta name=\"description\" content=\"Three weeks after suing to block the CFTC's order shutting it down, PredictIt seeks an injunction to allow trading beyond the Feb. 15 deadline\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue\" \/>\n<meta property=\"og:description\" content=\"Three weeks after suing to block the CFTC's order shutting it down, PredictIt seeks an injunction to allow trading beyond the Feb. 15 deadline\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-02T13:01:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T22:21:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1900\" \/>\n\t<meta property=\"og:image:height\" content=\"1050\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Steve Bittenbender\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Bittenbender\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/\",\"url\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/\",\"name\":\"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png\",\"datePublished\":\"2022-10-02T13:01:05+00:00\",\"dateModified\":\"2022-10-05T22:21:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\"},\"description\":\"Three weeks after suing to block the CFTC's order shutting it down, PredictIt seeks an injunction to allow trading beyond the Feb. 15 deadline\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png\",\"width\":1900,\"height\":1050,\"caption\":\"Joe Biden, then a candidate for president, speaks at an October 2020 campaign event in Wilmington, DE. On Friday, PredictIt and other plaintiffs in a lawsuit against the CFTC filed for an injunction that would allow the political futures trading operator to continue its 2024 presidential trading markets and other markets that the CFTC has ordered to be liquidated by Feb. 15, 2023. (Image: JoeBiden.com\/YouTube)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Politics\",\"item\":\"https:\/\/www.casino.org\/news\/politics\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue Past Feb. 15\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\",\"name\":\"Steve Bittenbender\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-7-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-7-1-96x96.png\",\"caption\":\"Steve Bittenbender\"},\"description\":\"Steve Bittenbender covers Midwest and Gulport news for Casino.org. He also specializes in sports betting and horse racing. Steve is a veteran reporter and brings more than two decades of experience covering sports, business and politics. He joined Casino.org in 2019. Steve has also covered major collegiate and professional sports for the Associated Press and the Louisville Courier-Journal and is frequently featured on local network TV newscasts and podcasts for his horse racing business and legislative expertise. A Reuters contributor, he has also previously served as editor for Government Security News. Steve lives in Louisville, Kentucky -- the epicenter of the US horse racing industry -- with his wife and son. He is also an avid poker player, having learned from his uncle as a wholesome after-school pastime with cookies and milk. Contact Steve at stevebittenbender@casino.org.\",\"url\":\"https:\/\/www.casino.org\/news\/author\/steve-bittenbender\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue","description":"Three weeks after suing to block the CFTC's order shutting it down, PredictIt seeks an injunction to allow trading beyond the Feb. 15 deadline","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/","og_locale":"en_US","og_type":"article","og_title":"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue","og_description":"Three weeks after suing to block the CFTC's order shutting it down, PredictIt seeks an injunction to allow trading beyond the Feb. 15 deadline","og_url":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-10-02T13:01:05+00:00","article_modified_time":"2022-10-05T22:21:46+00:00","og_image":[{"width":1900,"height":1050,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png","type":"image\/png"}],"author":"Steve Bittenbender","twitter_card":"summary_large_image","twitter_creator":"@Casino_Org","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Steve Bittenbender","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/","url":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/","name":"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png","datePublished":"2022-10-02T13:01:05+00:00","dateModified":"2022-10-05T22:21:46+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2"},"description":"Three weeks after suing to block the CFTC's order shutting it down, PredictIt seeks an injunction to allow trading beyond the Feb. 15 deadline","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-01-at-11.10.13-PM.png","width":1900,"height":1050,"caption":"Joe Biden, then a candidate for president, speaks at an October 2020 campaign event in Wilmington, DE. On Friday, PredictIt and other plaintiffs in a lawsuit against the CFTC filed for an injunction that would allow the political futures trading operator to continue its 2024 presidential trading markets and other markets that the CFTC has ordered to be liquidated by Feb. 15, 2023. (Image: JoeBiden.com\/YouTube)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/predictit-seeks-injunction-allowing-political-futures-trading-to-continue-past-feb-15\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Politics","item":"https:\/\/www.casino.org\/news\/politics\/"},{"@type":"ListItem","position":3,"name":"PredictIt Seeks Injunction Allowing Political Futures Trading to Continue Past Feb. 15"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2","name":"Steve Bittenbender","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-7-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-7-1-96x96.png","caption":"Steve Bittenbender"},"description":"Steve Bittenbender covers Midwest and Gulport news for Casino.org. He also specializes in sports betting and horse racing. Steve is a veteran reporter and brings more than two decades of experience covering sports, business and politics. He joined Casino.org in 2019. Steve has also covered major collegiate and professional sports for the Associated Press and the Louisville Courier-Journal and is frequently featured on local network TV newscasts and podcasts for his horse racing business and legislative expertise. A Reuters contributor, he has also previously served as editor for Government Security News. Steve lives in Louisville, Kentucky -- the epicenter of the US horse racing industry -- with his wife and son. He is also an avid poker player, having learned from his uncle as a wholesome after-school pastime with cookies and milk. Contact Steve at stevebittenbender@casino.org.","url":"https:\/\/www.casino.org\/news\/author\/steve-bittenbender\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/235150"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=235150"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/235150\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/235154"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=235150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=235150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=235150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}