In Focus/Prediction Markets
Kalshi, Polymarket and the fight over who regulates event contracts.
Utah prosecutors charged KalshiEX and co-founders Tarek Mansour and Luana Lopes Lara with 13 felonies and one misdemeanor in Salt Lake County's Third District Court on Oct. 28, including 12 counts of online gambling promotion and one of a pattern of unlawful activity. The defendants were summoned rather than arrested, and Kalshi called the case an overreach it expects to beat. It escalates a fight in which the CFTC sued Utah earlier this week. Source: crypto.news
Robinhood said Oct. 27 that third-quarter revenue rose 12% from a year earlier to a record $1.42 billion. Event contracts brought in $173 million, more than six times last year's level, while crypto revenue dropped 55% to $120 million. Customers traded a record 16.4 billion event contracts in the period. Source: Stock Titan
The Commodity Futures Trading Commission is reviewing whether Polymarket kept U.S. users off its offshore market as its 2022 settlement required, Reuters reported Oct. 27, citing two people familiar with the matter. Investigators are said to be looking at how the platform located users, its U.S. marketing and onboarding on its newer U.S. venue. Earlier CFTC and Justice Department probes closed in July 2025 without charges, and all parties declined to comment. Source: Unchained
