Coinspeaker
12 hour ago
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BEARISH 📉 : Kalshi faces legal challenges despite Washington DC expansion

Kalshi, a leading prediction markets platform, has expanded by opening a new office in Washington, D.C. This move aims to enhance its lobbying efforts with the U.S. government.

Key Appointments and Partnerships

  • John Bivona appointed as Head of Federal Government Relations, bringing over 20 years of experience, including work during Biden's administration.
  • Blake Bee, formerly of Amazon, will lead state policy efforts.
  • CNN has partnered with Kalshi for its prediction markets.

Market Performance

  • Kalshi is the largest Commodity Futures Trading Commission-regulated prediction market, with a monthly volume of $6.58 billion as of December.
  • In the first four days after last year's US National Football League kickoff, it recorded $441 million in volume.

Legal Challenges

  • Kalshi faces legal issues in several states, including Arizona, Tennessee, Connecticut, and Massachusetts, regarding its sports event contracts.
  • Accusations include illegal sports gambling and market manipulation, leading to bans in states like Tennessee.
  • Kalshi has responded by suing the state of Tennessee following a cease-and-desist letter.