Prediction markets are regulated by the Commodity Futures Trading Commission and can operate nationwide. Companies like Kalshi and Polymarket allow people to trade contracts tied to the outcomes of real-world events, including elections. The debate over whether prediction markets should be subject to state gambling laws is growing. Meanwhile, members of Congress have called for guardrails as the industry expands. For perspective from one of the largest prediction market platforms, Liz Landers (@ElizLanders) spoke to Kalshi CEO Tarek Mansour.