State lawmakers publicly scold Kalshi and Polymarket at NCSL summit
State lawmakers publicly criticized prediction market platforms Kalshi and Polymarket at the National Conference of State Legislatures summit in Chicago this week. Kalshi's head of corporate development was challenged after a panel discussion on prediction markets Monday. The two platforms were the most prominent targets of the legislators' criticism. No specific complaints, proposed legislation, or regulatory actions were disclosed in available reports.
The summit confrontation signals that state legislators are moving from quiet opposition to public pressure tactics against CFTC-registered platforms. Kalshi and Polymarket now face rhetorical attacks in legislative forums alongside their existing court fights in New York, Michigan, Washington, and Wisconsin. Each public scolding emboldens state attorneys general to file or expand suits.
For Kalshi, already stretched across federal and state dockets, summit hostility translates directly into worse settlement leverage. Polymarket, with identical CFTC registration, shares every legal exposure. The platforms must now treat state legislative conferences as hostile terrain requiring their own advocacy presence, adding travel and lobbying costs to an already strained legal budget.