CME Group's Terry Duffy sparred with Kalshi's co-founder at a CFTC hearing as horse racing's watchdog charged a respected handicapper with insider trading.
CFTC
The CFTC-regulated sports exchange topped $125M in its debut week while fighting New York, Massachusetts and three other states over gambling law claims.
A Connecticut judge denied Kalshi's injunction bid, questioning CFTC power, as new geofencing deadlines and a White House meeting loom this week.
HB 2711 would add consumer safeguards for sports event contracts in Pennsylvania, but skips licensing or taxation as Kalshi fights states in court.
Kalshi lost in Connecticut and Washington state courts this week as the CFTC took the unusual step of ordering it to keep operating in New York.
Prediction market platforms are referring dozens of suspected insider traders to the CFTC, but a gutted enforcement staff has charged just three people.
Fliff and Onyx Odds have filed to become federally regulated futures brokers, the latest sign sweepstakes operators are eyeing prediction markets.
US regulator warns Kalshi and rivals that plus/minus odds could mislead traders, as legal fights over prediction markets and gambling law continue.
A federal judge rejected Kalshi's bid to block Connecticut's gambling law, finding its sports contracts aren't federally regulated swaps.
Railbird Exchange, DraftKings' DKeX platform, has filed nine NFL and college football contracts with U.S. regulators ahead of kickoff.