Kalshi hires Squire Patton Boggs amid regulatory fights
Kalshi has hired Squire Patton Boggs to lobby on prediction markets, according to a July 15 report. The law and lobbying firm will help shape regulatory strategy around event contracts. Both moves come as the platform fights state-level legal battles and advances its legislative interests in the capital. Kalshi continues to grow its market footprint while facing intense regulatory pressure from multiple fronts.
Kalshi is building a lobbying operation while its legal position faces state challenges. Squire Patton Boggs gives the platform established Capitol Hill credibility. The timing is forced, not strategic. Michigan, New York, Illinois, Minnesota, Kentucky, New Mexico, Washington, and Massachusetts each now challenge Kalshi's right to operate under state gambling laws. The Second Circuit appeal is its last chance at a uniform federal shield.
Lobbying cannot reverse a court ruling, but it can shape whatever legislative fix emerges if preemption fails entirely. For Kalshi's competitors, the spend signals that regulatory survival now requires simultaneous legal defense and congressional outreach. Polymarket and ForecastEx must match this burn rate or risk being shut out of the political solution Kalshi is trying to write. The platforms that survive will be those that can afford both the courtroom and the cloakroom.