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Suing the Feds: How Kalshi Built a $10B Prediction Empire

“The law applies to companies, but it also applies to the government.”
- Tarek Mansour, Co-founder

Discover how Kalshi's founders battled regulators for years, even suing the CFTC, to build the first onshore prediction market in the US. Learn about their explosive growth, unique market-making, and vision for a future where truth-telling markets reshape everything from politics to economics.

prediction marketsKalshiCFTCregulationfinancial innovation

00:00

Chapter 1Kicking Off with Brazilian Beers & Kalshi's Vision

02:00

Chapter 2The Bold Strategy: Permission First in Financial Services

05:00

Chapter 3Why We Sued Our Own Regulator: The Election Market Battle

09:00

Chapter 4Betting the Farm: The Boardroom Debate on Suing the CFTC

12:00

Chapter 5Beyond Gambling: Why Prediction Markets are a Force for Truth

15:00

Chapter 6Kalshi's Explosive Growth: $10 Billion in Monthly Volume

18:00

Chapter 7The Secret Sauce: Direct vs. Broker & Institutional Growth

21:00

Chapter 8Engineering Liquidity: Incentivizing Market Makers & Sharps

26:00

Chapter 9The Rise of the Super Forecasters: Unconventional Market Geniuses

33:00

Chapter 10AI's Role in Prediction: Autonomous Agents & Future Benchmarks

36:00

Chapter 11Drawing the Line: Insider Trading & Market Integrity

40:00

Chapter 12Sports Contracts: Markets vs. Bookies & Societal Impact

44:00

Chapter 13The Future of Futures: From Grain to GPU Compute

48:00

Chapter 14A World with Prices: Is Total Market Efficiency a Good Thing?

52:00

Chapter 15Depolarizing Politics: How Markets Reshape Discourse

57:00

Chapter 16The Regulatory Frontier: Kalshi's Vision for Fairer Markets

TopicsFintech & Crypto Investing & Capital Markets Policy, Regulation & Geopolitics Tech Industry & Market Analysis Startup & Entrepreneurship

Top Moments

Garage market makers

95% Not Wall Street

Battling the Feds

Sued Our Own Regulator

Monetizing hobbies

Ariana Grande Fan Made $150K

Autonomous trading agents

Rise of AI Market Makers

Against all odds

Board Said "Bad Idea"

Beyond party lines

Markets Depolarize Politics

Regulatory challenge

Can't Dogfood Our Product

Read the full article

Kalshi Founders Detail Epic Regulatory Battle, $10B Growth, and the Future of Truth-Telling Markets

Tarek Mansour and Luana Lopes Lara, co-founders of Kalshi, shared the extraordinary journey of building the first CFTC-approved prediction market in the US. Their story is one of unwavering conviction, regulatory confrontation, and a vision to democratize information through market-driven truth.

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