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Kalshi explores a new funding round at a potential $40bn valuation

Funding

Kalshi is exploring another capital raise that could value the prediction-market company at about $40bn as early as the third quarter, according to the report. Its latest fundraising round valued it at about $22bn; Donald Trump Jr.’s earlier equity grant was reportedly worth about $300,000 when Kalshi’s valuation was below $2bn.

A possible higher valuation could affect Kalshi’s financing and ownership as its event contracts face legal challenges in states.

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Regulation

CFTC outlines prediction market rule changes after advisory committee debate

CFTC chair Michael Selig outlined a three-part regulatory roadmap for prediction markets at the agency’s first Innovation Advisory Committee meeting. The proposed work covers rules on prohibited event contracts, reporting for fully collateralised contracts, and requirements for listing contracts and protecting consumers. CME Group chief executive Terry Duffy raised manipulation concerns, while Kalshi defended self-certification.

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