Warning of an imminent “explosion in election gambling,” the U.S. Commodity Futures Trading Commission asked an appeals court to extend the pause on Kalshi’s political prediction markets for as long as the agency’s appeal is pending.

“The district court’s order has been construed by Kalshi and others as open season for election gambling,” the CFTC said in a filing Saturday, referring to a judge’s Sept. 6 decision that the regulator shouldn’t have stopped the company from offering contracts on which party will control each house of Congress.

In the wake of that decision, the agency noted, Wall Street heavyweight Interactive Brokers announced it would offer contracts on the presidential election through a CFTC-regulated subsidiary.

Unless the U.S. Appeals Court for the District of Columbia extends the pause on Kalshi’s contracts for the appeal’s duration, other CFTC-regulated exchanges will follow suit, the agency said.

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