SEC approves Cboe KPI prediction-market options for Robinhood retail launch

Kalshi adds anti-harassment rulebook as CEO warns states may push markets offshore

Kalshi's harassment rulebook is a direct response to conduct risk that state attorneys general already cite in their gambling-framing suits. The policy gives the CFTC-regulated platform a concrete self-policing mechanism to show federal overseers that user behavior is contained, not a state concern. But CEO Tarek Mansour's offshore warning signals where Kalshi goes if state courts keep stripping its preemption shield.

The company has already lost that shield in Ohio and Tennessee, and each new state victory becomes template law the next attorney general copies. Kalshi must now fund parallel legal spend across federal appeal, state defense, and possible product redesign. The first operator to lose another major state case sets the compliance bar every competitor races to clear, whether through geofences, retreat, or exit.

The CFTC's pending swap-rule proposal and Kalshi's new rulebook terms both aim to tighten federal control of event contracts as the platform fights state gambling-framing losses in Ohio and Tennessee that are fragmenting national markets into geofenced patches.

StarkWare opens OffMarket for private Polymarket trading

Polymarket's international platform has a transparency problem that scares some traders away. Every wallet address and trade history sits visible on-chain by default. OffMarket removes that friction for users who want exposure without doxxing their holdings or strategies. This matters most for whales and institutional-sized traders who avoid prediction markets precisely because their positions become public targets. StarkWare's infrastructure makes the privacy layer possible without building a separate exchange.

For Polymarket, the tool is a user-retention play at a moment when Kalshi's CFTC-regulated venue offers compliant alternatives and Sparkling's new trading terminal gives traders a third-party interface option. The catch is whether opacity invites manipulation. OffMarket hides who owns a position, not the position itself. Coordinated actors could still move markets; observers just lose the wallet trail that sometimes exposes them. Polymarket must balance privacy demand against the reputational cost if hidden concentration triggers a major market event.

OffMarket joins Sparkling's trading terminal and Protocol V2 as the latest third-party or infrastructure layer built atop Polymarket's order book, showing the platform's ecosystem expanding beyond its native interface even as Coplan's token hints suggest a future monetization push.

Hacksaw expands into prediction markets with B2B platform and Malta license

Hacksaw's white-label approach turns prediction markets into a commodity layer that any licensed gambling operator can bolt on. That lowers the barrier for European sportsbooks and casino brands to compete with dedicated prediction-market platforms without investing in proprietary technology or seeking new licenses. For existing prediction-market operators, every new white-label supplier means more branded competitors chasing the same trader base under established consumer brands.

Hacksaw's Malta license covers the product, but operators adopting the platform still face their own regulatory obligations in each jurisdiction they serve. The model spreads compliance risk across dozens of potential client operators rather than centralizing it under one corporate roof. The first operator to launch with Hacksaw's stack will test whether sportsbook customers convert to event-contract trading at meaningful scale.

Joins Robinhood in pursuing prediction-market growth through external partnerships rather than direct licensing, as both companies bet that partner infrastructure can outpace the time and cost of building regulated exchange capacity in-house.

Toronto mayoral race draws nearly $350K in bets on Ontario-banned Polymarket

Highlights the enforcement gap between provincial bans and actual user access, a recurring challenge for regulators trying to restrict offshore or non-compliant prediction market platforms.