Kalshi
CFTC-regulated US event-contract exchange.
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Kalshi is a CFTC-registered Designated Contract Market and the largest US-domiciled prediction-market venue. It operates under federal derivatives law, settling in USD with bank-custodied funds. Aggressive expansion into sports event contracts during 2025 drove substantial volume growth but has triggered cease-and-desist letters from several state gambling regulators. Kalshi's federal-preemption position is the central legal question in the US category as of mid-2026.
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