David Z. Bean told a House hearing that CFTC-regulated contracts are bypassing tribal and state rules and draining gaming revenue.
The sports-gaming operator now controls the venue after buying Aristotle Exchange and securing CFTC licences.
Kalshi broke records as H2 Gambling Capital said the category reached 27% of legal U.S. sports-betting volume
Dillon Borgida will build a white-glove service for advanced traders as the exchange pushes further into institutional business.
Senators say simulated trades, fake websites and paid creators may have been used to push prediction markets to U.S. users.
The state wants more time as prediction markets swell and other courts weigh the same legal question.
The tournament has driven record trading even as states and regulators intensify the fight over prediction markets.
The company sought a temporary restraining order and preliminary injunction, arguing Illinois’s licensing, tax and geolocation rules conflict with the CFTC’s federal authority over event contracts.
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