"Senator Chris Murphy, a cosponsor of the bill and one of the industry's most outspoken critics, said in an interview with WIRED that prediction markets are 'a rigged and dangerous product,' and represent 'a brand-new source of mind-bending corruption.'"
"Kalshi already bans insider trading and markets directly tied to death and war,' says Kalshi spokesperson Elisabeth Diana. 'As a US-based exchange, we support regulators and policymakers from both sides of the aisle in their efforts to keep these markets safe.'"
Kalshi celebrated raising $1 billion at a $22 billion valuation, doubling its worth in months. This success came during a turbulent week for the prediction market industry, with Nevada issuing a temporary restraining order against Kalshi and Arizona filing criminal charges. Additionally, Polymarket faced backlash from traders, while securing a deal with Major League Baseball. US Senators proposed legislation to ban certain market types, with critics labeling prediction markets as corrupt and dangerous. Kalshi maintains its commitment to banning insider trading and markets linked to death and war.
Read at WIRED
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