Kalshi | Crypto

Retail trading platform moomoo has partnered with Kalshi to offer CFTC-regulated event contracts tied to economic data, elections and major sporting events directly within its app.

Spain joined a growing list of national authorities restricting or banning prediction market platforms amid concerns over unlicensed gambling activities. Spain’s gambling regulator blocked local users from Polymarket and Kalshi “as a precautionary measure” as authorities there address allegations the prediction markets platforms were in violation of gambling laws.  On Tuesday, Spain’s Directorate General for the Regulation of Gambling (DGOJ) said the country’s Ministry of Social Rights, Consumption, and Agenda 2030 had opened legal proceedings against the two companies, as they appeared to be operating without necessary licensing. The DGOJ issued an order blocking Spanish users from Kalshi and Polymarket until the proceedings were resolved, expected in three to four months. “The DGOJ wishes to remind the public that, in Spain — in line with other European jurisdictions — prediction markets are deemed to constitute games of chance when bets are placed on uncertain future outcomes,” according to a Tuesday notic...

"We’re not going to be outspent or out-organized by entrenched interests protecting their monopolies," said John Bivona, head of government relations at Kalshi. Kalshi has backed a new lobbying group for prediction markets called Americans for Fair Markets, which has tapped former deputy White House chief of staff Taylor Budowich as its strategic advisor. Kalshi said on Friday that the organization is positioning itself against sportsbooks and casinos, which it claims are “focused on protecting their monopolies and seeding lies about prediction markets to policymakers.” Americans for Fair Markets, which Kalshi said was launched with its support, would join a broader lobbying push that includes the Coalition for Prediction Markets, an advocacy group for prediction markets launched in December 2025, backed by Coinbase, Crypto.com, and Robinhood. Read more

Representative James Comer asked CEOs of two major prediction market companies for information on their responses to insider trading after “suspiciously timed trades” related to US military actions against Iran. Update (May 22 at 7:40 pm UTC): This article has been updated to include statements from Polymarket and Kalshi. The chair of the US House of Representatives’ Oversight and Government Reform Committee sent letters to the CEOs of Kalshi and Polymarket, questioning the companies’ response to incidents of insider trading on the platform. In a Friday X post, Committee Chair James Comer confirmed reports that he had sent letters to Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour, asking them for internal records on how the companies were handling insider trading. The Kentucky lawmaker said there were concerns in Congress over elected officials using “basic insider knowledge” to profit off the government’s actions. Read more

Polymarket has gone dark in India and as per local media reports, Kalshi could be next.

The Commodity Futures Trading Commission has urged the Sixth Circuit Court of Appeals to rule that the agency has jurisdiction over prediction markets. The US Commodity Futures Trading Commission has backed Kalshi in the company’s legal fight against the state of Ohio, asking an appeals court to affirm that the regulator has jurisdiction over prediction markets. The CFTC filed an amicus brief in the Sixth Circuit Court of Appeals on Tuesday, accusing Ohio of “jurisdictional overreach” after state authorities told Kalshi last year to stop offering sports event contracts in the state, calling them unlicensed sports gambling. Kalshi sued Ohio authorities in October, seeking to have a federal court stop the Ohio Casino Control Commission and the state attorney general from taking action, but the court denied the request in March, leading Kalshi to appeal the decision. Read more

Fresh capital from top Wall Street and Silicon Valley firms signals increasing confidence in regulated event trading and retail prediction markets. Prediction marketplace Kalshi has reached a $22 billion valuation after closing a $1 billion Series F funding round, underscoring growing venture capital appetite for prediction markets amid surging retail adoption. The new valuation doubles Kalshi’s worth from just five months ago. The funding round was led by Coatue Management, with participation from Andreessen Horowitz, Sequoia Capital, Morgan Stanley and Ark Invest. The raise comes as investors increasingly view prediction markets as one of the fastest-growing segments of digital finance. Andreessen Horowitz’s crypto unit, a16z crypto, recently raised $2.2 billion for its latest fund and identified prediction markets as a major investment theme. Read more

Brazil has blocked 27 prediction market platforms, including Kalshi and Polymarket, as new rules classify many contracts as gambling. Brazilian authorities have moved to shut down 27 prediction market platforms, including Kalshi and Polymarket. The decision, announced Friday, follows a directive from the Ministry of Finance and enforcement by the National Telecommunications Agency (Anatel), according to state-owned news outlet Agência Brasil. Authorities claimed that such services fall outside Brazil’s current legal framework and therefore operate illegally. “We have been monitoring the evolution of this sector in Brazil, which suffered a period of anarchy because there were no rules, no oversight, from 2018 to 2022,” Finance Ministry executive secretary Dario Durigan reportedly said during a press conference at the Palácio do Planalto. Read more

Wisconsin’s lawsuit against Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com deepens the battle between state gambling enforcers and federal regulators over sports prediction markets. Wisconsin’s top law enforcement official has sued a group of fintech and crypto platforms, including Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com, accusing them of facilitating illegal sports betting by offering “event contracts,” according to complaints filed April 23 in Dane County. Attorney General Josh Kaul is seeking preliminary and permanent injunctions to block the companies from offering sports-related markets to customers in Wisconsin and to have a court declare the operations unlawful under state gambling law and a public nuisance. The case adds to a growing clash between state gambling laws and federally regulated prediction markets, as regulators and courts across the United States debate whether event contracts are financial instruments or illegal wagers. Read more

The prediction platform will use Pyth’s pricing data to settle trades on its new commodities markets, as it expands into assets like oil, gold and crops. Oracle network Pyth Network has been selected as the resolution data source for Kalshi’s expansion into commodities markets, underscoring the growing focus on reliable pricing infrastructure in event-based trading. Kalshi said on Wednesday that Pyth will supply real-time pricing data for its newly launched commodities hub, which debuted in April. The data will be used to determine how event contracts tied to commodity prices are settled. The move reflects a broader push among prediction market platforms to strengthen backend infrastructure as they expand into more complex asset classes. Accurate, tamper-resistant data feeds are critical for ensuring fair and transparent contract resolution, particularly in markets tied to real-world financial benchmarks. Read more

Prediction markets like Polymarket and Kalshi provide valuable intel, but can also incentivize insider trading. Here’s how they fight back.

According to reports, Kalshi plans to launch crypto perpetual futures, expanding beyond prediction markets as regulated derivatives offerings in the US continue to evolve. Prediction market exchange Kalshi is reportedly preparing to expand into cryptocurrency trading by introducing perpetual futures contracts, marking a major shift beyond its core event-based derivatives business. In a Tuesday report, The Information cited people familiar with the matter as saying Kalshi plans to offer perpetual futures — commonly known as “perps” — on cryptocurrencies such as Bitcoin (BTC). Perpetual futures are a type of derivative contract that allows traders to speculate on price movements without an expiration date.  Read more

Prediction market platform Kalshi is moving onto Coinbase’s turf by launching crypto perpetual futures, aiming to capture the massive demand for digital asset derivatives within a regulated U.S. framework.

CEO Tarek Mansour said in an interview that Kalshi would prevent kids from using a parent’s ID to skirt its age restrictions by launching a parent portal and AI verification. Kalshi co-founder and CEO Tarek Mansour reportedly announced a new strategy for the prediction markets platform to crack down on minors illegally using its services. According to a Wednesday Semafor report, Mansour said that Kalshi was launching a “portal for parents” to submit their identification to check whether their children were using the platforms under their names. There have been incidents in which minors have been able to bypass Kalshi’s age requirements — a US-based user must be 18 years old — by using one of their parent’s IDs for verification. “We are also adding selfies to accounts, where you can basically look at the face of a person, and it can tell you obviously if this person is not the actual parent that’s 50 years old,” said Mansour, according to Semafor. Read more

A federal judge in Arizona has temporarily barred state officials from enforcing gambling laws against Kalshi, siding with the CFTC. A federal judge in Arizona has temporarily barred state officials from enforcing gambling laws against Kalshi, siding with US regulators in a growing dispute over how event-based trading products should be classified. In an order issued on Friday, Judge Michael Liburdi of the US District Court for the District of Arizona granted a request from the Commodity Futures Trading Commission (CFTC) and the federal government to halt any state-level action targeting contracts listed on CFTC-regulated markets . The ruling centers on whether Kalshi’s “event contracts” fall under federal derivatives law or state gambling statutes. Last month, Arizona authorities sought to pursue enforcement against Kalshi under local gambling rules, but the CFTC asked a court order on Wednesday to stop the action. Read more

Judge Michael Liburdi ordered Arizona not to bring any enforcement actions under state law against Kalshi, at least temporarily.

As Kalshi captures a dominant 89% of the market, a high-stakes legal battle between federal regulators and individual states will determine if these platforms are treated as sophisticated financial tools or just another form of gambling.

The US Justice Department and commodities regulator asked a federal court to block Arizona’s action against Kalshi, arguing federally regulated event contracts fall under CFTC jurisdiction. The US Department of Justice (DOJ) and Commodities and Futures Trading Commission (CFTC) asked a federal court to block Arizona from enforcing state gambling law against Kalshi’s event contracts, arguing that they fall under the CFTC’s exclusive authority over swaps markets. The Wednesday filing argues that event contracts listed on federally regulated platforms such as Kalshi are swaps under the Commodity Exchange Act and therefore fall within the CFTC’s exclusive jurisdiction. The filing says Arizona’s enforcement effort unlawfully intrudes on the CFTC’s exclusive jurisdiction over federally regulated event-contract markets. Read more

As states seek to regulate prediction markets, a panel of federal judges ruled in favor of Kalshi’s position that only the CFTC has jurisdiction. A US appellate court has ruled against New Jersey gaming authorities for bringing an enforcement action against prediction market platform Kalshi over sports event contracts.  In a Monday-issued opinion, a panel of judges in the US Court of Appeals for the Third Circuit ruled 2-1 in favor of Kalshi’s argument that the company had a ”reasonable chance of success” claiming that the Commodity Exchange Act preempted state law, setting the stage for a potential battle over gaming laws in the US Supreme Court. "This is a big win for the industry and millions of users," Kalshi CEO Tarek Mansour said in a social media post on X. Read more

The judge said Kalshi’s event contracts are indistinguishable from sports betting, supporting the state’s position that the platform requires a gaming license. A Nevada judge has reportedly extended a ban preventing Kalshi from offering event-based contracts in the state, ruling that the products constitute unlicensed gambling under state law. Judge Jason Woodbury said at a hearing in Carson City on Friday that he will grant a preliminary injunction requested by the Nevada Gaming Control Board, barring the company from allowing residents to trade on outcomes such as sports, elections and entertainment events without a gaming license, according to Reuters. The decision extends a temporary restraining order issued on March 20, which will remain in effect through April 17 while the court finalizes longer-term restrictions. Read more