\u201cThat is not just a problem on Feb. 15\u2014 the Commission\u2019s mandate is severely distorting trading in those contracts today,\u201d the motion stated. \u201cMr. Clarke, for example, bought contracts before the Commission\u2019s decision on Republican nominees for President, that under normal conditions, would have traded up significantly after the midterm elections.\u201d<\/p>\n
The CFTC wants the case dismissed. It has filed a motion to move the suit to the DC federal district court. According to the plaintiffs\u2019 filing on Friday, the federal court plans to rule on that first.<\/p>\n
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The CFTC filed its motion to transfer the case on September 20, and the motion for the preliminary injunction came 10 days later. A federal magistrate judge will hear oral arguments for the relocation on December 1.<\/p>\n<\/div>\n
Since the CFTC revoked the no-action letter, PredictIt hasn’t opened any new markets on the US elections. In filing the suit, the plaintiffs want the CFTC\u2019s letter invalidated so it can continue operations and offer new markets. The preliminary injunction focuses only on allowing existing markets to continue after February 15.<\/p>\n","protected":false},"excerpt":{"rendered":"
An injunction that would allow PredictIT, the political futures exchange, to keep operating beyond Feb. 15 awaits a hearing. Plaintiffs in PredictIt\u2019s lawsuit against the Commodity Futures Trading Commission (CFTC) say a decision must be made soon. On Friday, the plaintiffs filed another motion in the US District Court for the Western District of Texas. […]<\/p>\n","protected":false},"author":45,"featured_media":244296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[60,61],"tags":[82192,83810],"acf":[],"yoast_head":"\n
PredictIt, Traders Seek Expedited Injunction Hearing to Block CFTC Ruling<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n