diff --git a/entities/internet-finance/kalshi.md b/entities/internet-finance/kalshi.md
index 9ab4e089..5892e9f1 100644
--- a/entities/internet-finance/kalshi.md
+++ b/entities/internet-finance/kalshi.md
@@ -49,6 +49,7 @@ CFTC-designated contract market for event-based trading. USD-denominated, KYC-re
 - **2025-04 to 2026-02** — Kalshi engaged in 50+ legal battles across 8+ jurisdictions over whether sports event contracts are federally preempted derivatives or state-regulated gaming, with conflicting district court rulings creating conditions for Supreme Court review
 - **2025-08-01** — Maryland District Court ruled against Kalshi in KalshiEx v. Martin, finding dual compliance with state gambling laws theoretically possible and rejecting field preemption argument (Fourth Circuit appeal No. 25-1892 pending)
 - **2026-01-09** — Tennessee Middle District Court ruled in favor of Kalshi in KalshiEx v. Orgel, finding impossibility of dual compliance and obstacle to federal objectives, creating circuit split with Maryland
+- **2026-03-17** — Arizona AG filed 20 criminal counts including illegal gambling and election wagering — first-ever criminal charges against a US prediction market platform
 ## Competitive Position
 - **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.