Kalshi Is Losing Washington

Kalshi is losing Washington

The vibe shift has arrived. Just months ago, Kalshi was the scrappy fintech darling that beat the federal government in court and walked away with the right to run prediction markets on American elections. The Commodity Futures Trading Commission (CFTC) had blinked. Donald Trump Jr. signed on as a strategic adviser. The Beltway buzz was breathless. Then the wheels came off. On April 30, the U.S. Senate voted unanimously — unanimously — to ban se…

SEN DAVE McCORMICK: Prediction markets are booming. Washington must catch up

Prediction markets are on fire. Last year, there was about $51 billion in total transaction volume on prediction markets. This year, volume exceeded $60 billion in just three and a half months, including over 192 million unique prediction market transactions and over 865,000 active users in March. Some estimates predict this market could grow to $1 trillion over the next several years.Given this massive influx of retail participation in these ma…