Coinbase agrees to halt sports-related event contracts in Michigan

Kalshi launches first US stock index perpetual futures on CFTC-regulated exchange

Kalshi is the first CFTC-regulated venue to list a US equity index perpetual future, giving traders a leveraged derivatives product without expiration. The format, common on crypto exchanges but absent from regulated US platforms, exposes users to funding rates and liquidation risk even without a set expiry.

The CFTC's compressed approval timeline for stock-index perpetuals enabled the quick launch, and Kalshi's contract now sets the template for leverage limits and collateral rules. Traders who use offshore crypto perpetuals now have a regulated alternative, shrinking the unregulated window before winter volume builds. Competitors with direct CFTC designations can pitch stability, but Kalshi's first-mover position shapes the product structure everyone else adopts.

Robinhood retreats in Michigan as Ohio hits 10 prediction market operators with cease-and-desist orders

Ohio's sweep puts every named operator in the same position Kalshi faced after its Sixth Circuit loss: absorb geofencing costs or fight a state whose gambling law now holds federal appellate backing. Robinhood's simultaneous retreat in Michigan shows how quickly diversified brokers fold under dual-front pressure, compounding the same state-by-state fragmentation that Kalshi and Polymarket already endure.

The Oct. 16 deadline forces legal triage across ten platforms at once, and any mass retreat would thin liquidity for traders holding Ohio-tied positions. Each state that copies Ohio's template will draft directly from this letter, deepening the patchwork. Robinhood joined New Jersey and Crypto.com in petitioning the Supreme Court for preemption clarity, but months of delay risk more bans before any federal answer arrives. The first CFTC-registered venue tochallenge Ohio in state court will test whether federal designation still carries any shield at all.

Polymarket CEO says ICE is one of its biggest shareholders

ICE's status as a major shareholder signals deep institutional validation for Polymarket and could accelerate the NYSE parent's own moves into onchain and event-contract markets.

ICE joins Ark Invest as the second major institutional equity holder in the prediction-markets space this quarter, after Ark took a Kalshi stake and added it to three ETFs.

Kalshi to launch prediction apps with Native American tribes

Kalshi's tribal partnerships add a new distribution layer that could reach users outside its direct-to-consumer base. Tribal sovereign status may offer regulatory flexibility unavailable to standard state-licensed platforms. The division within Indian country means some tribal leaders will actively oppose these apps, creating reputational risk for Kalshi's broader brand.

Competitors like Robinhood and Polymarket are racing to lock down distribution channels before NFL season volume peaks. Kalshi must demonstrate these apps generate funded accounts quickly, or the strategy becomes a costly distraction from its core exchange growth. The first tribe to publish user or revenue data will set the template others follow.

Kalshi joins Robinhood's expanding web of partner-dependent prediction market stacks, as both platforms build reach through outside relationships rather than direct infrastructure ownership.