A federal appeals court declined to block Wednesday a lower-court decision that allowed betting on 2024 federal elections, a blow to the government agency that argued doing so could undermine election integrity.

The Commodity Futures Trading Commission (CFTC) had asked the appeals court to block the prediction exchange platform Kalshi from offering “Congressional Control Contracts,” which allow buyers to bet on which political party will control the House and the Senate after the upcoming election.

The U.S. District Court for the District of Columbia last month sided with Kalshi, ruling the government agency........

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