US Turns Down Derivative Exchange’s Plan to Offer Bets on Elections
- Firm’s political contracts targeted congressional elections
- Derivatives regulator finds contracts violate states’ laws
A sign directs voters to a polling location in Americus, Georgia.
Photographer: Cheney Orr/BloombergThis article is for subscribers only.
The top US derivatives regulator has given the thumbs down to Kalshi Inc.’s plan to offer bets on US congressional elections.
Kalshi lets traders wager $25,000 on everything from monthly interest rate hikes to the timing of the next moon landing. Its latest proposal in June could have allowed hedge funds and other Wall Street firms to bet as much as $100 million on which political party would control the House or Senate.