Kalshi

Kalshi filed proposals with the CFTC and SEC on September 18, 2026 to list perpetual futures on individual US stocks, including Apple, Tesla, Microsoft, Nvidia, and Amazon, to be cleared through its own CFTC-registered clearinghouse, Kalshi Klear. Coinbase filed a competing proposal the same day, and Kraken parent Payward's Bitnomial Exchange followed with a similar filing covering ten equities, turning Kalshi's stated intent from September 11 (ai-kalshi-20260911) into a concrete filing that sharpens the SEC-versus-CFTC jurisdiction question Citadel Securities raised on September 10 (upd-sec-028).

The Tunica-Biloxi Tribe of Louisiana's new subsidiary, SaltTrade Derivatives, will operate the first tribal-nation prediction-market app on Kalshi's infrastructure, relying on the CFTC's September 17 no-action letter for passive software providers (upd-cftc-067) rather than registering as an introducing broker. CEO Tarek Mansour published an open letter encouraging other tribes to follow, an overture that stands in contrast to Kalshi's active IGRA litigation with tribes elsewhere, including its September 16 loss to California's Blue Lake Rancheria and Chicken Ranch Rancheria.

The Eighth Circuit set a briefing schedule on September 17, 2026 for Kalshi's appeal (No. 26-2874) of Judge Locher's September 8 denial of a preliminary injunction against Iowa AG Brenna Bird (law-kalshi-v-iowa): the district court transcript is due October 27, Kalshi's opening brief and appendix November 6, Iowa's response 30 days later, and Kalshi's reply 21 days after that. The docketing brings prediction-market preemption litigation to a fourth federal circuit, alongside the Third, Sixth, and Ninth.

Missouri AG Catherine Hanaway ordered Kalshi, alongside five other operators, to stop offering sports event contracts to Missouri residents within 30 days or obtain a license from the Missouri Gaming Commission, saying she expects a settlement effort before any lawsuit (enf-mo-ag-six).

A Ninth Circuit panel (No. 25-7504) ruled for Blue Lake Rancheria and Chicken Ranch Rancheria, reversing the district court's denial of a preliminary injunction and holding the tribes are likely to succeed in showing Kalshi's sports-event contracts constitute unauthorized Class III gaming under the Indian Gaming Regulatory Act, regardless of federal commodities regulation. The ruling reinstates injunctive relief blocking the contracts on the two tribes' reservations and follows the same panel's August 28 loss for Kalshi in Nevada.

The Ohio Casino Control Commission withdrew from the National Council on Problem Gambling, becoming the third state gaming regulator confirmed to sever ties with the organization following its May 2026 acceptance of a two-year, $2 million commitment from Kalshi (upd-other-017). Ohio, which fined Kalshi $5 million in April for unlicensed sports betting (enf-ohio-ccc-kalshi), objected to being associated with an organization tied to a company it views as violating state law; Massachusetts has so far opted to remain a member but said it will revisit the decision at renewal.

Kalshi's Robert Denault testified at a Texas Senate Committee on State Affairs informational hearing called on an interim charge from Lt. Gov. Dan Patrick to study prediction markets' use of federal registration to sidestep state gambling law, countering American Gaming Association arguments that sports event contracts are unlicensed sports bets by warning that prohibition would push Texans to unregulated offshore platforms. No legislation or litigation followed directly from the hearing.

The CFTC held a listening session on September 15, 2026 with representatives of 17 tribal gaming organizations to discuss prediction markets and the agency's proposed event-contract rule. Indian Gaming Association Chair David Z. Bean said Chairman Michael Selig "sat mostly silent and refused to discuss his proposed rule," and tribal leaders characterized the session as falling short of the government-to-government consultation federal law requires, a contrast with the tribal partnership Kalshi announced three days later (upd-cftc-067).

Kalshi said it will seek CFTC approval for roughly 60 single-stock and ETF perpetual futures, including Tesla and Nvidia, that would trade 24/7 with no expiration date, extending the perpetual-contract structure the CFTC approved for its bitcoin perpetual in May into single-name equities for the first time. The plan surfaced the same week Citadel Securities asked the SEC and CFTC to keep equity-linked event contracts under SEC jurisdiction (upd-sec-028), warning that CFTC self-certification could let an equity perpetual trade on leverage while the underlying stock market is closed or halted.

The European Securities and Markets Authority's Risk Monitor 2/2026, published September 11, 2026, said marketing and selling event contracts in the EU generally requires an authorization that Kalshi does not hold, and questioned the effectiveness of its partial, VPN-circumventable geo-blocking of EU users.

Kalshi began trading CFTC-cleared perpetual futures on gold and silver the week of September 10, 2026, following a July filing — cash-settled, non-expiring contracts priced off Pyth Network feeds that trade continuously, including weekends and holidays. It is the first non-crypto asset class for Kalshi's perpetual-contract line, with equity-index, copper, and currency perpetual filings still pending.

Kalshi asked the full Ninth Circuit to rehear en banc the three-judge panel's August 28 ruling that Nevada may enforce its cease-and-desist against sports-event contracts (law-kalshi-v-hendrick-nv), pursuing rehearing rather than going straight to the Supreme Court. Robinhood and Crypto.com's Nadex unit instead filed their own Supreme Court cert petitions on the same underlying ruling on September 9 and September 11 respectively.

Mark Moran, the Virginia independent Senate candidate whom KalshiEX banned for five years in April 2026 over trades on his own race, sued Kalshi Inc. on September 10, 2026 in the Eastern District of Virginia (1:2026cv03008); the complaint's specific claims are not yet detailed in public reporting.

Kalshi's elections and politics markets went live on market-data delivery platform DoubleZero Edge on September 9, 2026, giving institutional and automated traders access to full-depth political prediction-market order books ahead of the November midterms — a distribution and infrastructure expansion rather than a new license or regulatory filing.

Kalshi and Catalist Sports reannounced their multi-year live-streaming and data partnership on September 9, 2026, three weeks after the original August 18 announcement (comp-kalshi timeline, 2026-08-18) vanished from the internet within hours; the reannounced terms are largely the same — exclusive live streams and low-latency data across more than 65,000 tennis matches a year plus soccer, basketball, and ice hockey properties — but now state the streaming rights are "subject to applicable regulatory requirements," a compliance hedge not present in the original announcement.

The Tenth Circuit denied Kalshi's emergency motion for an injunction pending appeal of the August 4 Utah summary judgment, finding Kalshi met none of the four factors required and leaving Utah free to enforce its gambling laws while the merits appeal proceeds (law-kalshi-v-utah) — the second federal appeals court, after the Sixth Circuit, to decline to pause state enforcement pending review of the preemption question.

U.S. District Judge Stephen H. Locher denied Kalshi's motion for a preliminary injunction in its preemptive suit against Iowa AG Brenna Bird, holding Kalshi was unlikely to succeed on its CEA express-preemption theory and that Congress would have needed to speak clearly to displace Iowa's traditional police powers over gambling (law-kalshi-v-iowa) — the latest in a lengthening run of state and district-court losses on the same theory.

NFL Chief Compliance Officer Sabrina Perel sent a follow-up letter, copied to CFTC Chairman Selig, reiterating the league's March request that Kalshi and other operators drop contracts that are easily manipulated, cover subjects the NFL considers objectionable, relate to officiating, or rest on information knowable in advance (upd-other-067).

Launched five more CFTC-regulated crypto perpetual contracts (BNB, Cardano, Worldcoin, Aave, Venice Token) on September 4, 2026 under its "American Perpetuals" line, bringing its altcoin perpetual roster to 17 with Stellar, Polkadot, and Hedera applications still pending — an expansion of the same product category CME is challenging in law-cme-v-cftc (ai-kalshi-20260904).

In an August 28, 2026 letter to Washington State Gambling Commission executive director Tina Griffin, publicly posted the same day, Kalshi head of litigation Jovy Dedaj accused Washington of "selective non-enforcement," arguing the state sued Kalshi under its geofencing injunction (law-wa-v-kalshi) while leaving Polymarket's offshore, unregistered platform free to offer the same prohibited sports/elections/entertainment contracts to Washington residents; the letter made the same argument to Michigan regulators. A Washington AG spokesperson replied that the state need not sue every operator at once to win judgment against one, calling Kalshi "the largest entity of its kind" — an equal-treatment argument that reads as public-pressure advocacy rather than a new court filing, surfacing September 2, 2026.

The Block reported August volume of $37.17 billion, down from July but still roughly 4.6x Polymarket's $8.16 billion — the pair's first combined monthly decline in a year, reported September 2, 2026.

Launched contracts ahead of NFL Week 1 letting traders wager on whether specific athletes will play, framed as availability rather than injury markets (the contract language never asks users to predict an injury's occurrence or severity); the framing is a deliberate hedge against the CFTC's June NPRM, which would generally bar contracts on player injuries, but landed the same week Connecticut filed its new direct suit and is unlikely to satisfy the integrity concerns leagues and regulators have raised about injury-adjacent sports betting.

Removed sports injury-duration contracts from its app around September 1, 2026, after a CFTC source told Sportico the agency requested it; Kalshi had kept the contracts live even after Polymarket pulled comparable player-availability bets on August 31 and after its own "availability"-framed injury markets drew criticism the prior week, marking the point at which the CFTC's informal pressure, rather than Kalshi's own product framing, determined the outcome (upd-cftc-065).

On September 1, 2026, Ingham County Circuit Judge Rosemarie Aquilina converted Michigan's June TRO into a preliminary injunction against KalshiEX, citing underage-bettor exposure, bypassed patron protections, and lost school/tribal funding, and requiring state-licensed geofencing under a $500,000-per-day penalty until final judgment (law-mi-v-kalshi) — the circuit split this feeds became formal on September 2, when New Jersey AG Jennifer Davenport filed the first Supreme Court certiorari petition on the merits question of who regulates sports-event contracts, citing the direct conflict between the pro-Kalshi Third Circuit Flaherty ruling and the Ninth Circuit's August 28 Nevada loss (law-kalshi-v-flaherty-nj).

New York's AG office escalated its rhetoric on August 31, accusing the CFTC of using its emergency-order authority to advance Kalshi's litigation position in courts nationwide and calling the Commission's reliance on the order "irrelevant" to the pending state case (law-nyag-v-kalshi); separately, a new putative class action naming Kalshi and Robinhood, Pernas v. KalshiEX, was docketed in the Southern District of New York on August 31 with claims not yet detailed in public reporting (law-pernas-v-kalshi).

The CFTC settled its second mention-markets insider-trading case on August 28, 2026, against Gabriel Perez, a former White House teleprompter operator who traded Kalshi contracts on specific words in President Trump's remarks using advance access to the prepared text ($172,000 total settlement); the case echoes the July 31 Santos settlement and keeps regulatory scrutiny of the mention-markets product (already voluntarily suspended for sports on August 13) focused on surveillance and integrity rather than the state-preemption litigation track.

On August 28, 2026, the Ninth Circuit (3-0) affirmed the dissolution of Kalshi's Nevada preliminary injunction, holding Kalshi had not shown a likelihood that the CEA preempts Nevada's gaming laws — the first appellate-level loss on the preemption merits, directly conflicting with the Third Circuit's pro-Kalshi Flaherty ruling and sharpening the circuit split both sides now say points toward the Supreme Court (law-kalshi-v-hendrick-nv).

An SEC Form D filed August 26, 2026 shows Kalshi has raised $1.12 billion under an exempt private-securities offering opened April 3, 2026, encompassing the $1B Series F announced in May (Coatue-led, with Sequoia, a16z, IVP, Paradigm, Morgan Stanley, and ARK); roughly $380 million of the nearly $1.5 billion notice remains unsold, headroom that lines up with the separately reported, still-unclosed talks for a further raise at a $40 billion valuation.

Connecticut escalated from defense to offense on August 26-27, 2026: AG William Tong and DCP Commissioner Cafferelli filed a new direct suit, State of Connecticut v. KalshiEX LLC, alleging unlicensed sports wagering, underage-gambling exposure, and deceptive marketing under the state's Unfair Trade Practices Act, distinct from the pending federal case Kalshi itself brought against Cafferelli (law-ct-v-kalshi).

In the Nevada Ninth Circuit appeal, Nevada filed briefing on or about August 21, 2026 arguing that Kalshi's acceptance of North Carolina's new 6% prediction-market revenue tax undercuts its own CEA-preemption theory, calling the distinction between regulating contracts and taxing their revenue "purely a formalism" (law-kalshi-v-hendrick-nv).

The CFTC also set a dedicated "Prediction Markets: Innovation, Jurisdiction, and the Future of Event Contracts" session for its inaugural Innovation Advisory Committee meeting on August 20 (PR 9283-26), a forward-looking forum rather than a rule or enforcement action.

At the CFTC's August 20 Innovation Advisory Committee session, Kalshi COO Luana Lopes Lara publicly sparred with CME CEO Terrence Duffy over manipulation and compliance-staffing claims, while Chairman Selig signaled the CFTC expects to propose amendments to DCM event-contract listing rules and strengthen retail consumer protections — a forward-looking rulemaking signal rather than a completed action, but the first public indication of the shape a listing-standards NPRM might take.

Ahead of the Washington injunction's August 19 IP-and-residency geofence deadline (law-wa-v-kalshi), Kalshi began blocking Washington users from sports, elections, politics, entertainment, culture, technology/science, and mentions contracts by August 20, 2026, leaving commodities, climate, economics, and finance contracts available; the fuller multi-source geofencing system the order also requires remains due September 2.

Cantor Fitzgerald & Co. announced August 19, 2026 that it will offer institutional block trading in Kalshi's event contracts to its roughly 3,000 institutional clients, acting as introducing broker with Susquehanna Predictions pricing and providing liquidity, and said it expects to add trading venues beyond Kalshi over time — a distribution and institutional-credibility expansion rather than a new license or regulatory filing.

Filed with the CFTC on August 18, 2026 to list two new perpetual futures contracts, US500 (tracking the MerQube US Large Cap Index) and COPPERPERP (spot copper via Pyth Network's XCU-USD feed), extending its perpetuals line beyond the crypto-only BTCPERP contract into equity-index and commodity underlyings for the first time and sharpening its direct product overlap with CME Group, which is already suing the CFTC over the BTCPERP approval (law-cme-v-cftc).

Signed a multi-year partnership with Catalist Sports (announced August 18, 2026) granting exclusive official live-streaming and data rights across more than 65,000 tennis matches a year, including the World Tennis Tour, the Australian Open, and the Davis Cup — a first-party data play for a sport it already lists heavily.

The Connecticut and Nevada fronts both escalated the week of August 15: Judge Oliver denied Kalshi's follow-up bid for an emergency injunction pending appeal in Connecticut, prompting an emergency motion to the Second Circuit (law-kalshi-v-cafferelli-ct); separately, past its August 12 Nevada geofencing deadline, NGCB investigators reportedly still purchased prohibited contracts and the Board renewed its push for $120,000/day contempt sanctions, which Kalshi publicly disputed as of August 17 (law-kalshi-v-hendrick-nv) — two parallel state fights reopening just as the settlement/ruling machinery seemed to be resolving them.

Voluntarily suspended sports-category "mention markets" on August 13, 2026 after reports the CFTC was reviewing the product line's manipulation risk in the wake of the Trump teleprompter-operator trading episode; the episode itself was already surfaced via Kalshi's own surveillance and referred to authorities, but the product-level review is a new and distinct exposure from the state-preemption litigation.

On August 13, 2026, King County Superior Court Judge John McHale entered a final order on Washington's preliminary injunction, requiring Kalshi to geofence the state out of sports, elections, politics, entertainment, culture, technology/science, and "mentions" contracts (commodities, climate, economics, and finance contracts are unaffected) — an IP-and-residency geofence due August 19 and a fuller multi-source system due September 2 — and barring Kalshi from advertising the restricted categories to Washington consumers as an unfair or deceptive practice; the order found Kalshi "willfully ignored" a December 2025 state notice that its contracts were unauthorized.

That same day, Baltimore's mayor and city council sued Kalshi and distribution partners Robinhood, Webull, and Coinbase in Circuit Court for Baltimore City, alleging an unlicensed sportsbook operation under the city's Consumer Protection Ordinance and seeking penalties, restitution, disgorgement, and an injunction — a new city-level track alongside the state and federal suits.

Reported August 13 that the CFTC is reviewing whether Kalshi's "mention markets" (contracts on specific words a public figure will or won't say) are readily susceptible to manipulation, following the July disclosure that Trump's longtime teleprompter operator profited trading them; Kalshi has pulled the sports-mention category "until further notice" while keeping it live for politics, earnings calls, and newscasts, and no formal complaint or rule has been filed.

New York City Council Speaker Julie Menin announced an investigation on August 12 into Kalshi's, Polymarket's, Coinbase's, and Gemini Titan's marketing practices, sending 60-plus-question letters focused on influencer marketing, fabricated-trade depictions, and targeting of minors and addiction-prone users — a consumer-protection front distinct from the state-gambling-law suits, with the Council weighing a hearing and new legislation rather than immediate enforcement.

The federal-state conflict escalated sharply on August 11: after Kalshi notified the CFTC of a market emergency tied to New York's still-pending state-court TRO request (law-nyag-v-kalshi), the CFTC invoked its Section 8a(9) emergency authority (Release 9281-26) to order KalshiEX to continue operating nationwide under the CEA's Core Principles — a rare tool last used in Kalshi's favor against Michigan in July, and a partial offset to the run of adverse district-court rulings, though it does not resolve the underlying New York case.

Announced a multi-year partnership with Nasdaq Market Surveillance on August 10, 2026, layering Nasdaq's real-time abuse- and manipulation-detection platform onto its existing monitoring and CFTC trade-reporting pipeline — a compliance-infrastructure push that lands the same week as the NY AG suit and CFTC emergency order.

FlightAware sued Kalshi on August 10, 2026 over its use of FlightAware's data and name to settle flight-cancellation event contracts; FlightAware voluntarily dismissed the case one day later without a disclosed settlement, after Kalshi had already softened one market's sourcing disclaimer — a quickly resolved data-licensing dispute rather than a lasting exposure.

A third consecutive adverse district-court ruling landed August 10: Judge Vernon D. Oliver denied Kalshi's preliminary-injunction bid against Connecticut's DCP, finding its sports contracts unlikely to qualify as CEA swaps and, even if they did, unlikely to preempt the state's gambling-law authority — echoing the swap-definition and preemption reasoning in the recent Utah and Michigan/Coinbase losses.

NPR reported August 7 that Kalshi lists contracts on FDA approval of specific drugs (a weight-loss medication, a breast-cancer treatment); the company says surveillance safeguards limit insider-trading risk, but bioethicists quoted call the framing "ghastly" given the stakes for dependent patients.

The CFTC issued a market-wide letter August 7 (PR 9278-26) telling DCMs and FCMs to stop displaying prices in American/moneyline odds format, calling it misleading; recipients have until August 31 to confirm receipt.

A federal judge in Michigan denied Coinbase's bid (Coinbase distributes Kalshi's sports contracts) for a preliminary injunction against state enforcement on August 6, reinforcing the same swap-definition skepticism seen in the Wisconsin and Michigan district rulings against Kalshi directly.

On August 5, 2026, Kalshi signed an official data, marketing, and integrity-services partnership with Genius Sports covering real-time soccer data across the EPL, Serie A, Liga MX, Argentine Primera División, and Ligue 1 — the same arrangement Genius Sports already has with Polymarket.

On August 4, Judge Rakoff denied the CFTC/DOJ's TRO bid to halt New York's direct suit, finding no shown likelihood of success or irreparable harm; New York's $36 billion case against Kalshi may now proceed, though the CFTC can renew the request before Judge Marrero on August 7.

That same week, Utah handed Kalshi its first final (non-preliminary) federal loss nationwide: on August 4, Judge Robert Shelby granted Utah summary judgment, rejecting Kalshi's CEA-preemption theories outright; Kalshi filed its notice of appeal to the Tenth Circuit on August 5, extending the preemption fight to a seventh federal circuit.

The Senate Indian Affairs Committee held an August 4 roundtable naming Kalshi and Polymarket repeatedly over tribal-sovereignty and IGRA-bypass concerns, though neither company sent a witness and no legislation resulted.

Separately, eight Senate Democrats wrote the CFTC on August 3 pressing it to bar wildfire-outcome event contracts, a new and so-far low-materiality front distinct from the sports/election preemption fights.

The CFTC settled manipulative-trading charges tied to its platform against former Rep. George Santos on July 31, 2026 (disgorgement, penalty, and a three-year trading ban), and the company now faces a privacy class action (July 9) alongside the multi-state litigation wave.

Also named in the CFTC's new vertical-integration conflict-of-interest NPRM (July 30), which targets exchange/market-maker affiliations like Kalshi's own.

A 44-state AG coalition sent the CFTC a comment letter (July 28) arguing sports-wagering regulation is a state, not federal, function.

Judge Torres delivered a second SDNY loss, and the Second Circuit denied a stay in the parallel NY Gaming Commission case (July 27-28).

A Washington state court issued a preliminary injunction (July 21, appealed to the 9th Circuit) finding Kalshi likely ran an illegal gambling operation.

Partial offsets: the CFTC used emergency authority to override a Michigan court order in Kalshi's favor (July 14), Kalshi won a case blocking Minnesota's statutory ban (July 27), and a new CFTC data-reporting NPRM (June 25) treats event contracts as a distinct, ongoing category rather than a target for elimination.

Launched a free advanced trading terminal, Kalshi Pro, in public beta July 13, and filed to extend its perpetual-futures line into gold, silver, and platinum July 21.

Series F raised $1B at a $22B valuation in May 2026 (Coatue led, Sequoia / a16z / Paradigm / Morgan Stanley / ARK participating); in discussions for a new round at ~$40B valuation as of June 24, 2026 (FT).

Filed its own private preemption suit against Illinois (N.D. Ill., June 24, 2026) alongside the CFTC's parallel action; SB 3019 took effect July 1 with the suit still pending.

Entered Canada June 18, 2026 via Wealthsimple Predict (CIRO-authorized), offering ~4,000 contracts to Canadian investors — its first international broker-dealer partnership.

Talks with Meta about a possible acquisition broke down over valuation and regulatory-complexity concerns around late June 2026; Meta built its own play-money app (Arena) instead, though the two companies separately struck a deal to integrate Kalshi into Threads.

Launched crypto perpetual futures (April 2026), executed its first institutional block trade (Greenlight / Jump, May 2026), and joined NCPG with a $2M responsible-trading commitment (May 18).

Its affiliate Kinetic Markets LLC registered as a Futures Commission Merchant with the NFA on March 24, 2026, the first FCM registration in the sector; a Kalshi Klear rulebook amendment effective April 27, 2026 then enabled margin trading for professional clients, letting them post a fraction of a contract's value as collateral instead of the prior fully-collateralized model.