Find XO: Kalshi's Victory: Why Regulatory Moats Create Trillions in Value (techcrunch.com)

- Arizona tried to indict Kalshi on 20 felony counts for illegal gambling, but the CFTC intervened and put a stop to it. - The argument was that prediction market contracts are derivatives, and federal authority supersedes state law. - Kalshi benefited from having structured its business within the federal regulatory framework from the start. - However, interpreting one win as a permanent license is risky. - It is better to decide early under which rules to operate and embed that into the product to endure longer.