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@ -43,6 +43,7 @@ CFTC-designated contract market for event-based trading. USD-denominated, KYC-re
- **2026-01-XX** — Targeting $20B valuation alongside Polymarket as prediction market duopoly emerges - **2026-01-XX** — Targeting $20B valuation alongside Polymarket as prediction market duopoly emerges
- **2025-XX-XX** — Positioned for retail adoption through traditional broker integration with native CFTC approval - **2025-XX-XX** — Positioned for retail adoption through traditional broker integration with native CFTC approval
- **2026-02-19** — Tennessee federal court ruled in Kalshi's favor, finding sports contracts are 'swaps' under CEA exclusive jurisdiction and conflict preemption applies. Circuit split emerges as Nevada, Massachusetts, and Maryland courts rule against federal preemption.
## Competitive Position ## Competitive Position
- **Regulation-first**: Only CFTC-designated prediction market exchange. Institutional credibility. - **Regulation-first**: Only CFTC-designated prediction market exchange. Institutional credibility.
- **vs Polymarket**: Different market — Kalshi targets mainstream/institutional users who won't touch crypto. Polymarket targets crypto-native users who want permissionless market creation. Both grew massively post-2024 election. - **vs Polymarket**: Different market — Kalshi targets mainstream/institutional users who won't touch crypto. Polymarket targets crypto-native users who want permissionless market creation. Both grew massively post-2024 election.