Insights on responsible prediction markets.
Regulation trackers, structural analysis and plain-language explainers, written for people who have to decide something, not for the feed.
Education
8 Oct 2026
The Measurement This Case Needs Was Written Down in 2023
Findings 18 to 21 of the Washington injunction against KalshiEX are public health findings, not jurisdictional ones, and no appeal about preemption touches them. They rest on a survey fielded in 2021 with 24 respondents behind its key subgroup rate. The category cannot answer that with a methodology complaint, only with numbers of its own, and the definitions it would need were published by a regulator in 2023.
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Education
5 Oct 2026
The Case That Settled This Never Used the Word Gambling
Chairman Selig told the Innovation Advisory Committee on 20 August 2026 that prediction markets face the argument that was used against the Chicago Board of Trade. We read the documents his footnotes cite. The name lost every time it was tested, and the measurement is still unanswered.
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Education
4 Oct 2026
The Clock on Cooperation Credit Starts Inside the Exchange
The CFTC published its new cooperation policy on 19 May 2026 and it reads like a schedule of penalty discounts. Read from an exchange compliance desk it is something narrower, because the clause deciding whether a self-report counts as voluntary names the exchange itself.
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Education
2 Oct 2026
Who Reads Ten Event Contract Certifications Every Business Day?
The CFTC product register holds 2,067 certified event products dated 2026, about ten and a half for every business day, and Regulation 40.2 leaves one business day between a filing and a listing. The Commission has written down what follows, and it puts the decisive filter inside the exchange.
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Education
29 Sep 2026
Why Does an Availability Market Still Ban the Team Doctor?
The CFTC would disfavour a contract that settles on a named player's diagnosis. Two exchanges moved settlement onto the official gamebook instead, and then wrote club medical staff and athletic trainers into their own restricted lists. The sensitive input is already identified. The person it belongs to still has no standing anywhere in the file.
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Education
26 Sep 2026
A Kicker Missing a Field Goal Became a Rulemaking Question
Two letters from the National Football League contain the most detailed user protection specification anywhere in the prediction market record. Almost every item matches what this initiative asks its signatories to build. None of it was written by anyone in the category, and the league went to the exchanges first.
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Education
25 Sep 2026
This Time the Questions Came Before the Contracts
The CFTC asked twenty three listing questions about compute derivatives before a single contract exists. It asked the same kind of questions about event contracts after exchanges certified roughly 1,600 of them in one year. The order is not fate, and an exchange can choose it too.
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Education
22 Sep 2026
Six Hundred Thousand People Are Covered by a List That Does Not Exist
A sports contract has a team sheet. An election contract is settled by 6,461 local jurisdictions and 675,434 poll workers, every one of whom already falls under the insider rule an exchange has written. Nobody holds that list.
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Education
18 Sep 2026
Why Has No Event Contract Taken the Approval Path Since 1995?
American exchanges can list an event contract in two ways. They can certify it themselves and trade the next morning, or they can ask the CFTC to approve it first and wait out a forty five day review. Filter the Commission's own product database for approved event contracts and you get eighteen records, all of them crop yield insurance from 1995. The slower route is not dead, though. One exchange used it four times in 2026, just never for an event contract.
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Education
17 Sep 2026
The Same Division Sent the Same Filing Advice Twice in Four Months
On 12 March 2026 the CFTC's Division of Market Oversight described what a defensible event contract filing contains. On 24 July 2026 the same division published a second advisory recording that many exchanges had carried on filing broad templates anyway. Between those two dates the Commission proposed a review in which day thirty is the only place a contract can be amended. The standard was never withheld. It was published and free to read.
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Education
16 Sep 2026
Three Million Users Arrived and Nobody Counts Who Stayed
Kalshi confirmed three million new accounts during the World Cup. Two months later nobody outside the company can say how many of them still trade, because volume is reported and people are not. The one public study of an event cohort is on chain, covers a single venue and found most traders gone inside two months.
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Education
14 Sep 2026
Everything Brussels Did Not Ask About Goes In One Box
The MiCA review closes on 30 September 2026 and its five prediction market questions are narrow. Question 86 is the only place in the document for everything else, and it is the first time the category has appeared in an EU file at all.
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