Prediction markets are drawing attention far beyond Wall Street. A new commentary from Native News Online points to growing concerns within tribal gaming and governance circles, where leaders are weighing how the rapid expansion of platforms like Kalshi could affect tribal gaming revenues, regulatory authority, and tribal sovereignty. 

"For Anisa, the issue is especially close to home. Southern Paiute peoples have called this land home for generations, long before Nevada was a state, long before the Strip existed. Nevada has some of the most robust gaming oversight in the world, yet platforms like Kalshi continue to operate outside the state’s gaming regulatory framework. If tribes and gaming operators are expected to follow established rules, prediction markets should not be allowed to operate under a different standard."

Kalshi could be inching closer to the public markets. According to a report from The Information, the prediction market operator has surpassed $2 billion in annualized revenue and has held early, informal discussions with investment banks about a potential IPO. 

Exclusive: Kalshi has surpassed $2 billion in annualized revenue and has held early, informal talks with investment banks about an IPO, according to sources https://t.co/lGiM0FRSY4

House Administration Committee Chairman Bryan Steil has introduced the Stop Lawmakers from Predicting Act, a bill that would bar members of Congress, their spouses, and dependent children from trading on prediction markets tied to government actions, public policy, or political outcomes. 

The proposal is designed to address concerns that lawmakers could profit from nonpublic information, as scrutiny of insider trading risks in prediction markets continues to grow. The legislation would impose financial penalties on violators and adds to a growing list of congressional efforts to regulate prediction market participation by public officials. 

Good morning. Welcome to today's live blog. 

Kalshi has pushed back against reports linking U.S. Senator Jim Banks and Indiana State Representative Andrew Ireland to an insider-trading investigation, disputing claims that banks, Irish authorities, or Indiana officials are probing the matter. The dispute comes as prediction markets face growing scrutiny over market integrity, insider trading risks, and regulatory oversight, with Kalshi continuing to emphasize its surveillance and enforcement measures.