Glossary
Kalshi
A CFTC-regulated US prediction-market exchange — fiat-funded, not crypto-native, but a major recent benchmark for the regulated-event-contracts category.
Kalshi is a regulated commodity exchange (DCM) approved by the CFTC in 2020 and launched as the first such regulated US event- contracts venue in 2021. Users fund accounts with USD, trade binary outcomes (economic data, elections, weather), and settle in USD.
Kalshi is not crypto-native, but its 2024 court win against the CFTC over election contracts cleared the way for US-regulated political-event markets — directly affecting how Polymarket and similar crypto venues can operate for US users.