Why It Matters

Prediction market platform Kalshi has hired Squire Patton Boggs, according to a lobbying disclosure signed July 13, adding a sixth outside firm as the company works to shape federal rules on event contract trading. The quarter two filing reports $110,000 in lobbying income covering commodities and financial institutions issues.

The Commodity Futures Trading Commission (CFTC) published a Notice of Proposed Rulemaking on prediction markets on June 12 that could restrict certain sports-related contracts. Multiple bills in Congress would add new guardrails, including the Public Integrity in Financial Prediction Markets Act (H.R. 7004), which would bar federal officials and employees from trading on political outcomes while holding material nonpublic information. Kalshi's expanded lobbying push signals it intends to help shape those rules before they take effect.

By the Numbers

The Squire Patton Boggs engagement is one piece of a larger operation: Kalshi has retained multiple firms simultaneously, including Lincoln Policy Group, Miller Strategies LLC, Intersection Government Relations LLC, Dow Solutions Inc., and Resolution Public Affairs LLC. Filings show Intersection Government Relations was paid $45,000 in quarter two of 2026, and Resolution Public Affairs LLC was paid $60,000 in quarter one of 2026.

Broader Context

The Prediction Market Act of 2026, introduced by Sens. Kirsten Gillibrand (D-NY) and Dave McCormick (R-PA), would ban members of Congress, the president, the vice president, and senior executive branch officials from trading on prediction markets, and would create a CFTC office to oversee retail investor protections. The BETS OFF Act, introduced March 17 in the House and Senate, would bar prediction markets from listing contracts tied to war, terrorism, assassination, and similar government actions.

Kalshi has also faced regulatory pushback outside Congress. The Nevada Gaming Control Board issued a cease-and-desist order against the company Wednesday, March 5, 2025, arguing its sports-related contracts amounted to unlicensed gambling under state law. Rep. Dina Titus (D-NV) has separately raised public concerns about the risks event contracts pose to consumers. That enforcement fight, still working through Nevada's courts, underscores why the company is investing in shaping federal policy before state regulators gain more ground.

The Bottom Line

Kalshi's expanded lobbying footprint reflects the stakes involved in the coming regulatory decisions. With multiple bills pending and the CFTC actively rulemaking, the company is betting that a coordinated push across multiple firms and lobbying teams can influence the final shape of prediction market regulation.

Access the Legis1 platform for comprehensive political news, data, and insights.

Spot something wrong? Report an issue with this article