Kalshi

Kalshi Inc., or in lawsuits called KalshiEX, LLC, is a seller of event contracts that are virtually equivalent to wagers on future events without complying with state laws limiting the scope and participants in gambling. The legal theory is that the regulatory authority of the CFTC preempts state laws in this field.

Kalshi has sued in Nevada and New Jersey to seek a right to bypass the state laws regulating gambling there.

A board member of Kalshi, Brian Quintenz, was nominated in 2025 to become the Chairman of the CFTC, and in his confirmation hearing indicated his plan to allow Kalshi to continue to offer its event contracts on sports and other topics under the auspices of the CFTC. Conservative opposition persuaded several Republican Senators to block his nomination in committee, such that President Trump subsequently withdrew him from consideration.