Kalshi founder Tarek Mansour said Kalshi, Crypto.com, Robinhood, Coinbase and Underdog had formed the Coalition for Prediction Markets in the US. He said the group would advocate for transparency and stronger customer protections, and expected other companies to join in the coming months.
The coalition gives five prediction-market companies a shared platform to advocate on transparency and customer-protection standards.
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The Coalition for Prediction Markets has asked the CFTC to define “gaming” narrowly in its rules, arguing that the term should cover casino-style games rather than sports-related event contracts. The CFTC rule restricts contracts linked to gaming and specified other activities; state regulators maintain that sports contracts fall under state betting laws, while the commission has yet to decide whether to adjust its rules.
The Gambling Is Not Investing coalition, launched by Rep. Mick Mulvaney, aims to persuade legislators that prediction markets offer illegal gambling, according to the report. The coalition argues that these products bypass gambling rules and consumer protections; prediction markets dispute that characterisation and cite Commodity Futures Trading Commission oversight. The CFTC is considering how to regulate the platforms, while its chair has threatened court action against challengers to its authority.
Gambling is Not Investing (GINI) named Mick Mulvaney its executive director, according to a report published on 3 March 2026. The coalition opposes sports event contracts offered by prediction markets and argues that they should face the same standards as licensed sportsbooks. It cited Kalshi among the platforms it believes should be subject to those standards.
Connecticut officials asked nine companies to stop providing sports event contracts to state residents. Officials also warned that the platforms’ rapid growth could expose certain groups to risk.
Connecticut's Department of Consumer Protection has issued cease-and-desist orders to nine prediction market operators, asking them to stop offering sports event contracts to residents of the state. The department said the companies are offering sports wagers without the licences required under Connecticut law.
Four Native American tribes plan to launch prediction market apps with Kalshi. Kalshi said the model could extend prediction markets to smaller, remote communities.
Kalshi has secured agreements with four tribes to release prediction market applications under tribal branding, according to the company. The group comprises three California tribes alongside a single Oklahoma tribe. Under the arrangement, Kalshi supplies the exchange infrastructure and handles clearing of trades, whereas the customer-facing portion of every app stays under tribal ownership and control.