News, data and analysis on tokenized assets, market design and digital economic systems.
New York event contract exchange, designated a contract market by the Commodity Futures Trading Commission in 2020, whose binary contracts pay $1 if the stated outcome occurs; since December 2025 it has issued tokenized versions on Solana.
New York event contract exchange founded in 2018 by Tarek Mansour and Luana Lopes Lara, designated a contract market by the Commodity Futures Trading Commission on 4 November 2020, with affiliate Kalshi Klear LLC registered as a derivatives clearing organization on 29 August 2024. Its contracts are binary and fully collateralised: they trade between 1 and 99 cents and pay $1 if the stated outcome occurs, so the quoted price is readable as a probability and no participant carries counterparty leverage. In December 2025 it began issuing tokenized versions of thousands of its contracts on Solana, routed through the DFlow and Jupiter protocols while the order book stays offchain, and it accepts bitcoin, USDC and SOL deposits; reported lifetime notional volume was $19.6bn at that point, with $5.8bn traded in November 2025 alone.
Developments in which Kalshi is a named party, newest first.
The Commodity Futures Trading Commission approved a notice of proposed rulemaking on prediction markets, published in the Federal Register on 12 June 2026, setting out when event contracts on enumerated activities are contrary to the public interest. The…
Intercontinental Exchange announced an additional $600m investment in Polymarket on 27 March 2026, adding to its earlier stake in the prediction-market platform. Separately the…
A divided panel of the US Court of Appeals for the Third Circuit affirmed a preliminary injunction in KalshiEX LLC v. Flaherty, holding that the Commodity Exchange Act preempts New Jersey's gaming laws as applied to sports event contracts traded on a CFTC-designated contract market, on both field and conflict preemption grounds. Judge Roth dissented, arguing that the presumption against preemption applies with particular force to gambling and that the two regimes can be complied with simultaneously.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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