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@ -47,6 +47,8 @@ CFTC-designated contract market for event-based trading. USD-denominated, KYC-re
- **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 - **2026-02-19** — 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 - **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
- **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 - **2025-04 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
## 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.