These prediction markets, Polymarket and Kalshi being the two biggest ones, are Pandora's boxes. They lead to all sorts of potential problems, including the temptation of people who have sensitive inside information to then go use it and try to cash in.
The measure, known as Senate File 2494, is aimed at event-driven contracts and the online platforms where people buy and sell them. Lawmakers are pitching it as a way to bring structure and oversight to prediction-style markets that have grown exponentially in the past two years.
Robinhood UK President Jordan Sinclair stated that the company is very focused on market abuse and insider trading, emphasizing that not all prediction markets are offered to customers.
Kalshi is rolling out a fresh set of guardrails for its sports and political betting markets, introducing measures to preemptively block politicians, athletes, and other relevant people from trading in certain markets.
I AM PLEASED TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST.
