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@ -45,6 +45,7 @@ CFTC-designated contract market for event-based trading. USD-denominated, KYC-re
- **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.
- **2026-02-19** — Tennessee federal court ruled in favor of Kalshi, holding that sports contracts are 'swaps' under CEA exclusive jurisdiction and conflict preemption applies because simultaneous compliance with federal and state requirements is impossible
- **2026-01-30** — NPR reports Kalshi faces 19 federal lawsuits across three categories: 8 state/tribal offensive suits, 6 Kalshi offensive suits against state regulators, and 5 consumer class actions alleging illegal gambling service worsening addiction
## 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.