Kalshi off-limits in multiple states as prediction markets, CFTC team up for battle
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Kalshi customers in Washington state, Michigan and Nevada are currently out of luck, blocked from the prediction market platform as the industry's destiny is worked out in courts and on the federal regulatory stage.
Key facts
- Both Selig and the chief operating officer of Kalshi, Luana Lopes Lara, clashed at the committee meeting with Terry Duffy, who heads derivatives giant CME Group
- While Washington's dispute continues, so do legal clashes in many other states, including Massachusetts, Minnesota, Ohio, Maryland, Utah, Arizona and New York
- Jaret Seiberg, a policy analyst for TD Cowen, said in a Friday client note that the CFTC pursuing consumer safeguards may head off efforts in Congress to press restrictions on prediction markets
- Washington's take: “Kalshi has gotten rich promoting wagers on sports, elections, natural disasters, events related to the Iran War, and more
Summary
A busy week for prediction markets saw Kalshi forced to cut off its Washington state customers while making a larger case for the industry alongside other firms at a government-hosted event in Washington. The Commodity Futures Trading Commission, which has emerged as the industry’s most loyal ally, held a sometimes-contentious innovation meeting at which the rise of prediction markets was among the main topics. And ongoing legal clashes between the industry and state regulators saw some court action in matters involving Connecticut and New York.