Kalshi
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anchored·2apnrf…yUWGSummary
KalshiEX LLC is a New York-based prediction market exchange founded in 2018 and licensed by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market — the first of its kind in the United States. As of mid-2026 the company is valued at $22 billion and is in talks for a further funding round at a reported $40 billion valuation. Despite its federal regulatory standing, Kalshi faces an escalating pattern of state enforcement actions alleging unlicensed sports gambling, a $36 billion lawsuit from the State of New York, multiple cease-and-desist orders from other state attorneys general, and a growing insider-trading enforcement record that includes a settled CFTC case against former U.S. Representative George Santos and the first-ever CFTC event-contract insider-trading complaint against an active-duty U.S. Army service member.
Connected Entities
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Timeline(22 events)
1 January 2018
Kalshi founded by Luana Lopes Lara and Tarek Mansour.
Britannica Money / TechFundingNews1 November 2020
CFTC approves Kalshi as a Designated Contract Market — the first U.S. federally regulated event-contract exchange.
Britannica Money6 September 2024
U.S. District Court for D.C. rules in Kalshi's favor, finding the CFTC exceeded its authority in blocking congressional election contracts.
Justia — KalshiEX LLC v. CFTC, No. 24-52057 May 2025
CFTC voluntarily dismisses its appeal of the election-contracts ruling, cementing Kalshi's right to list political event contracts.
Practical Law — CFTC Drops Appeal in Kalshi Event Contracts Case1 October 2025
New York issues a cease-and-desist order to Kalshi over alleged unlicensed sports wagering.
New York AG Press Release1 December 2025
Connecticut Department of Consumer Protection issues a cease-and-desist order to Kalshi over alleged unlicensed online gambling/sports wagering.
Connecticut AG Press Release3 January 2026
U.S. military operation captures Venezuelan President Nicolás Maduro; Army soldier Gannon Van Dyke allegedly profits over $404,000 on classified-intelligence-based Polymarket trades.
Skadden — SDNY, CFTC Announce Parallel Enforcement Actions Against U.S. Army Soldier11 February 2026
Former Rep. George Santos opens a Kalshi account and begins trading State of the Union attendance contracts.
NOTUS/Washington Sun — George Santos Settles Kalshi Insider Trading Case With the CFTC24 February 2026
State of the Union address; Santos does not attend. Kalshi reportedly freezes Santos's account after detecting irregular trading activity.
NOTUS/Washington Sun19 March 2026
Kalshi raises $1 billion Series E at an $11 billion valuation.
Bloomberg — Kalshi Gets $1 Billion in New Funding at $22 Billion Valuation2 April 2026
CFTC files preemption suits against Arizona, Connecticut, and Illinois, arguing federal law bars those states from enforcing gambling statutes against CFTC-registered prediction markets.
CNBC23 April 2026
SDNY and CFTC announce parallel criminal and civil charges against Army soldier Gannon Ken Van Dyke for alleged insider trading on prediction markets using classified military intelligence about Operation Absolute Resolve.
Skadden — SDNY, CFTC Announce Parallel Enforcement Actions22 April 2026
Kalshi and CFTC jointly announce enforcement actions against three political candidates — Matt Klein, Ezekiel Enriquez, and Mark Moran — for trading on their own election races in violation of Kalshi Rule 5.17(z).
CNN Politics24 April 2026
CFTC files preemption suit against New York, seeking to block state enforcement of gambling laws against CFTC-regulated prediction markets.
CoinDesk7 May 2026
Kalshi raises $1 billion Series F at a $22 billion valuation, led by Coatue, with participation from Sequoia, a16z, Paradigm, Morgan Stanley, and ARK Invest.
TechCrunch31 July 2026
New York AG Letitia James files suit against Kalshi alleging unlicensed gambling; lawsuit seeks at least $36 billion in penalties. CFTC invokes emergency authority to keep Kalshi operating in New York.
New York AG Press Release / Bloomberg31 July 2026
CFTC announces settled enforcement action against former Rep. George Santos: $17,500 fine, $17,569.98 disgorgement, and three-year prediction-market trading ban.
Crowdfund Insider11 August 2026
CFTC formally issues order directing Kalshi to continue operating in New York despite the state lawsuit.
Bloomberg13 August 2026
Reports emerge that Kalshi is in advanced talks with Sequoia Capital and Wellington Management to raise at least $750 million at a reported $40 billion valuation, with an IPO targeted for 2027.
CoinDesk27 August 2026
Connecticut AG William Tong files suit against Kalshi seeking a court injunction to block alleged unlicensed sports wagering.
CT Mirror18 September 2026
Missouri AG Catherine Hanaway issues cease-and-desist letters to six prediction market operators including Kalshi, giving 30 days to halt sports event contracts or face enforcement.
KCTV5Decision Log
- hash: A98ZyEfhDFxc8DiuqNf8p7GWp4kusChp1D87n1y8WEFK
This investigation is cryptographically anchored to the Solana blockchain (1 event). 26 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/21/2026, 11:05:36 PM
last updated: 9/22/2026, 5:01:55 AM
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