Prediction Market Land Grab: DCMs, FCMs, and the Race to Control the Stack
Until lately, the federally regulated prediction market trade largely revolved round a single alternate. For a number of years, Kalshi operated as the solely energetic Commodity Futures Trading Commission-approved platform providing occasion contracts to U.S. retail merchants. That panorama is now shifting quickly. Since the begin of 2025, 20 new Designated Contract Market filings or…
