The U.S. Commodity Futures Trading Commission (CFTC) has requested a federal appeals court to expedite a hearing in a case that will determine if Americans can legally use derivatives contracts to bet on U.S. election outcomes. The CFTC argues that election contracts are susceptible to market manipulation. This follows an earlier loss in court. Meanwhile, financial exchange platform Kalshi is involved in a legal battle with the CFTC over the operation of its betting market. Kalshi's case highlights the ongoing regulatory challenges faced by companies in the financial and crypto sectors.