Kalshi is now the only federally sanctioned prediction market in the U.S., attracting billions in bets on everything from elections to papal succession. But with Trump allies circling, lawsuits mounting and regulators evaporating, the platform is becoming more than a marketplace—it’s a speculative engine for political influence.
Holding dramatic hearings is all well and good. But Congress is hamstrung in a number of ways that make effective legislation unlikely or even impossible. Is there a way to regulate crypto?