American Banker opinion piece questions CFTC's interest in regulating Kalshi and Polymarket

An American Banker opinion piece questions why the Commodity Futures Trading Commission is eager to bring prediction market platforms Kalshi and Polymarket under its regulatory remit. The article frames both platforms as gambling sites and draws a parallel between how regulators interpret law for de novo banks and for prediction markets. The piece appears to challenge the CFTC's jurisdictional claims over the platforms.

The framing of Kalshi and Polymarket as gambling sites rather than financial exchanges signals potential reputational and legal risk for the sector, and could fuel legislative or judicial challenges to the CFTC's authority over event contracts.