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📰 When Luana and I founded Kalshi at 21, we set out to build prediction markets into the world’s largest financial market. From day one, we defined a core principle: Do things the right way. We knew that regulation and trust had to be the foundation to build something enduring. That’s why we spent three grueling years getting regulated by the CFTC before we launched a single product. We did not know how hard it would be. It was three years of agony spent writing regulatory procedures and policy memos. As founders, it was painful to get bogged down in infinite bureaucracy instead of building things for customers… but we stayed committed to our belief that if we wanted prediction markets to thrive, we needed to address this hard part first. We prevailed, got regulated, and made prediction markets legal in the US. But the fight wasn’t done. Our next step was the election market. After years of engaging with the CFTC, they rejected it. Again, we stayed true to our principle: instead of going around regulations or going offshore, we decided to ask Federal Courts to weigh in. The Courts sided with us because we were right on the law. We freed prediction markets, took them mainstream, and won big. After the election, we were convinced that the value of prediction markets was now obvious to everyone, and that the regulatory battle for legal prediction markets was over… We were right, except for the everyone part. While we are disappointed to see the letter from the Nevada Gaming Commission, Kalshi will stay committed to our approach and keep paving the way for regulated prediction markets to thrive in the US. To the prediction markets community: last year proved how important our mission is. We have fought hard to get to this point, but the job’s not finished and the work will continue till prediction markets achieve their full potential. We keep marching 🇺🇸

March 5, 2025
Frank

When Luana and I founded Kalshi at 21, we set out to build prediction markets into the world’s largest financial market. From day one, we defined a core principle: Do things the right way.

We knew that regulation and trust had to be the foundation to build something enduring. That’s why we spent three grueling years getting regulated by the CFTC before we launched a single product.

We did not know how hard it would be. It was three years of agony spent writing regulatory procedures and policy memos. As founders, it was painful to get bogged down in infinite bureaucracy instead of building things for customers… but we stayed committed to our belief that if we wanted prediction markets to thrive, we needed to address this hard part first.

We prevailed, got regulated, and made prediction markets legal in the US. But the fight wasn’t done. Our next step was the election market. After years of engaging with the CFTC, they rejected it. Again, we stayed true to our principle: instead of going around regulations or going offshore, we decided to ask Federal Courts to weigh in. The Courts sided with us because we were right on the law. We freed prediction markets, took them mainstream, and won big.

After the election, we were convinced that the value of prediction markets was now obvious to everyone, and that the regulatory battle for legal prediction markets was over… We were right, except for the everyone part.

While we are disappointed to see the letter from the Nevada Gaming Commission, Kalshi will stay committed to our approach and keep paving the way for regulated prediction markets to thrive in the US.

To the prediction markets community: last year proved how important our mission is. We have fought hard to get to this point, but the job’s not finished and the work will continue till prediction markets achieve their full potential.

We keep marching 🇺🇸