Kalshi CEO says state-led oversight of U.S. prediction markets would push them out

So far, the dispute has risen to a number of federal appellate courts, where the courts have now split, with one major ruling on Kalshi's side and two backing the states' view. As a result, New Jersey asked the U.S. Supreme Court to take the case, and prominent groups have been sharing their views with the high court, including the National Football League.

Mansour said, "It's not a choice of state versus federal market. It's a choice of whether prediction markets exist in the U.S. or whether they go offshore."

He argued that he's considered Kalshi's regulatory relationship since its beginnings, and "it really elegantly fit under definitions of commodity." He said the Commodity Exchange Act was a "truly beautiful statue" that allowed a shift from agricultural futures to oil and metals to less tangible financial products like swaps.

Mansour also responded Wednesday to accusations of inflated trading volume in bitcoin and ether perpetual-futures markets on his platform. He said that "there's a lot of crazy" on social media site X, formerly Twitter. The questions focused on often-recurring trade sizes that represented a significant portion of Kalshi's volume. Mansour pointed again at the Washington event to fixed-size orders from market makers.