Kalshi's co-founders argue that the platform's predictive accuracy comes not from Wall Street professionals, but from a broader base of retail users with no particular financial background. In a recent interview, CEO Tarek Mansour described prediction markets as a way to "bring in a much larger set of people" into forecasting. An analysis of Kalshi's top 1,000 traders, he said, shows that few have Ivy League degrees, few come from wealthy backgrounds, and few have prior experience in traditional financial markets or sports betting. "You need the people in Kansas trading out of their garage," Mansour said. "They're just people that know how to read the news and are very self-calibrated." What Research Suggests Some academic research supports parts of this claim. Studies from the National Bureau of Economic Research and Federal Reserve researchers have found that prediction markets on platforms like Kalshi can match or outperform traditional forecasts on certain macroeconomic indicators — inflation and Federal Reserve rate decisions chief among them. The main advantage is frequency: market-implied expectations update continuously, rather than on the schedule of surveys or official data releases. A more diverse — but not necessarily dominant — crowd Kalshi has seen rapid growth in its share of women traders (reaching 26% recently), higher than many expected for a trading platform, with different segments active across politics, entertainment, and economics. The broad range of event-driven contracts extends participation beyond the typical financial audience. Not everyone, however, attributes the accuracy primarily to distributed retail knowledge.Some analysts argue that price formation in prediction markets is significantly influenced by a smaller group of sophisticated participants — including hedge funds and experienced traders — rather than the broad crowd. On this reading, prediction markets function less as pure aggregation of public opinion and more as a venue where informed capital sets prices. Kalshi's own founders haven't addressed this tension directly. Automation Changes the Dynamic A separate factor complicates the "garage trader" narrative. As volumes grow, activity is starting to shift toward automation. In mature markets like FX, algorithmic trading already accounts for the majority of flow, and prediction markets may be following the same path. Early signs are visible on Polymarket, where a significant share of the most profitable accounts appear to be automated. If that pattern holds across platforms, price formation will increasingly reflect execution speed and sophisticated strategies as much as distributed knowledge. An Edge That May Not Last For institutional users, the core question is what happens to forecasting accuracy as participation changes. If more sophisticated capital and automated strategies enter, the retail informational advantage may narrow — the same dynamic that has played out in equities, FX, and crypto over the past two decades. Retail traders tend to be crowded out as a market matures. For now, prediction markets offer a fast, probability-based read on expectations. Whether that read is generated primarily by the crowd, or priced by a smaller set of well-capitalized and automated participants, is harder to know than the founders suggest. This article was written by Tanya Chepkova at www.financemagnates.com.

Regulated prediction market Kalshi has signed a multi-year partnership with Fox Corporation, integrating its real-time probability data across Fox News Channel, Fox Business Network, and Fox's streaming platforms.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!The deal adds Fox to a list of major media integrations that now includes CNN, CNBC, and — on the Polymarket side — Dow Jones. Under the agreement, Kalshi's odds on political, economic, and cultural events will appear across Fox's linear and digital content through tickers, charts, and real-time visualizations. Terms were not disclosed.Fox News x KalshiThe largest news network in America integrates Kalshi.Prediction markets add accountability by rewarding accuracy.That’s why the three leading networks have chosen Kalshi.No spin. No partisan lens. Just incentives to be right. pic.twitter.com/bcNCQUnWRA— Kalshi (@Kalshi) April 7, 2026 Why Media Companies are Buying Prediction Market Data For broadcasters, the appeal is structural: probability data is forward-looking, updates continuously, and gives producers something to display during live coverage that changes faster than polling. For Kalshi, it opens a revenue line that doesn't depend on trading volume. Kalshi says roughly 70% of its platform visitors come to view forecasts rather than trade.Licensing that data to a network with nearly 200 million monthly viewers is a way to monetize the larger, non-trading majority of its audience. "More people are watching Kalshi's forecasts than trading them, which says a lot," said co-founder and CEO Tarek Mansour. "As misinformation grows more common, Kalshi offers accurate, unbiased data to help people better understand what's going on in the world." "Prediction markets have quickly become an essential data point and a compelling new experience across our live content portfolio," said Paul Cheesbrough, CEO of Tubi Media Group, which oversees Fox's streaming platforms. The CFTC Angle Kalshi's status as a CFTC-regulated Designated Contract Market matters here. It lets media organizations present the data as output from a regulated financial market rather than from an offshore betting platform — a distinction that affects both editorial framing and advertiser comfort. That said, the integrations carry real editorial risk. Critics have flagged the potential for anchors to misread probability data on-air, and the line between a sponsored data integration and neutral editorial content may not be obvious to viewers without explicit labelling. How Fox handles that disclosure will be worth watching. This article was written by Tanya Chepkova at www.financemagnates.com.

Retail investors increased their exposure to energy, mining, and software stocks in the first quarter of 2026, according to new data from eToro. The platform analysed changes in the number of holders across listed companies, as well as the most widely held stocks during the period.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The shift was driven by demand for assets linked to geopolitics, energy security, and artificial intelligence. Chevron led the “top risers” with a 60% increase in holders, benefiting from US policy developments in Venezuela and rising oil prices following conflict involving Iran. USA Rare Earth followed with a 59% increase, reflecting supply constraints and growing demand for domestic rare earth production.Retail Investors Rotate into Commodities, AIEnterprise software and infrastructure firms also featured. ServiceNow recorded a 57% rise in holders, while Western Digital saw a 40% increase, indicating continued interest in companies linked to AI deployment.Other commodity and defence-linked names also gained. Freeport-McMoRan rose 43%, supported by demand for gold and copper, while AeroVironment increased 38%, reflecting interest in defence technologies.Lale Akoner, Global Market Strategist at eToro, said “the defining feature of Q1 was not just geopolitical risk, but how that risk is being priced through real assets,” adding that there is “a repricing of strategic commodities such as gold, energy, and critical minerals.” She said investors are “not reacting tactically, but reallocating structurally,” with “a clear rotation towards assets with pricing power and supply-side constraints.”Investors Stay Selective Amid AI OptimismThe “top fallers” list included BioMarin Pharmaceutical, which recorded a 25% decline in holders, followed by Okta, which fell 22%. Consumer-facing firms such as Under Armour, down 19%, and Chipotle Mexican Grill, down 18%, also declined, as higher costs and weaker demand visibility weighed on sentiment. Akoner said investors are showing “less tolerance for earnings volatility and weakening guidance,” with some sectors facing “higher input and freight costs” and “softer demand visibility.”The ranking of the most widely held stocks remained largely stable. NVIDIA held the top position, followed by Tesla and Amazon. Microsoft moved from fifth to fourth place after an 11% increase in holders, while Apple slipped to fifth. Alphabet saw limited change. The stability suggests retail investors continue to hold core positions in large technology companies tied to AI development and monetisation.Akoner said concerns about a “SaaSpocalypse” have not reduced interest in software, noting that “it’s made investors more selective,” with “capital concentrating in companies that can either enable AI or sit at the application layer.” This article was written by Tareq Sikder at www.financemagnates.com.

Polymarket is executing what it describes as its largest infrastructure upgrade since launch — rebuilding its trading engine and replacing its core collateral asset with a new native collateral token. The platform is moving away from bridged USDC (USDC.e) on Polygon and will instead settle positions in Polymarket USD, a proprietary token backed 1:1 by USDC held in reserve.More details coming soon.Follow @PolymarketDevs for the technical breakdown:https://t.co/TeVWp8jXLp— Polymarket (@Polymarket) April 6, 2026From Bridged Asset to Native Control Polymarket has used USDC.e since launch/ It is a version of the stablecoin bridged from Ethereum to Polygon. That arrangement introduced bridge risk: the possibility of exploits or failures in the third-party software connecting the two chains. The shift to a native collateral token removes that dependency. It also forms part of a broader engine overhaul the company calls CTF Exchange V2, which includes a rebuilt trading engine and a new hybrid central limit order book aimed at lower gas fees and faster execution. The upgrade also adds support for multi-sig wallets such as Safe — a requirement for institutional clients and trading firms that need more granular security and governance controls.Preparing for the U.S. Market The timing is not incidental. Polymarket has been rebuilding its compliance architecture since settling a prior CFTC case, and a controlled, fully owned collateral layer is one of the structural prerequisites for a regulated U.S. relaunch. Institutional capital and regulatory confidence both require a platform that doesn't depend on third-party bridge infrastructure. The transition to Polymarket USD will roll out over the next few weeks. Regular users will see a one-click conversion prompt; API traders and bot operators will need to update their systems manually to interact with the new smart contracts. The upgrade follows record trading volumes. Whether the new architecture is sufficient to satisfy U.S. regulators — or attract the institutional flows Polymarket is clearly positioning for — remains to be seen. This article was written by Tanya Chepkova at www.financemagnates.com.

Gibraltar has issued its first license to a prediction market operator, as higher UK gambling taxes begin to put pressure on the territory’s core remote gaming industry.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) The license was granted to Predict Street Ltd on March 26, according to a statement by Minister for Justice, Trade and Industry Nigel Feetham, who described prediction markets as a potential area of growth for the jurisdiction. The company says it is the “official prediction market partner” of the 2026 FIFA World Cup and operates on infrastructure provided by a blockchain firm based in Abu Dhabi. Pressure on the Gambling Model The move comes as Gibraltar’s remote gambling sector faces rising costs linked to changes in UK tax policy. The industry, which serves primarily UK customers, accounts for roughly one-third of the territory’s tax revenue. Recent tax increases are expected to significantly raise the effective rate for Gibraltar-based operators, potentially affecting profitability. Feetham linked the licensing decision to these changes, noting that he has taken a more direct role in promoting Gibraltar’s regulatory offering since the tax measures were introduced. Exploring a New Segment Prediction markets represent a different regulatory category from traditional betting, but their classification remains contested across jurisdictions. By issuing a license, Gibraltar is allowing operators in this segment to establish a regulated presence locally, rather than operating offshore. Other jurisdictions are also examining the space. Malta has said it is working on a framework for licensing prediction market operators, while countries such as France and the Netherlands continue to treat such platforms as gambling and restrict access. Limited Signal for Now The licensing of a single operator does not yet indicate how large this segment could become. While prediction markets are attracting interest, it remains unclear whether they can offset potential losses in Gibraltar’s gambling sector. For now, the move suggests that Gibraltar is testing a new area of activity as its existing business model comes under pressure. This article was written by Tanya Chepkova at www.financemagnates.com.

eToro has opened crypto trading to residents of New York, allowing users to buy and sell digital assets alongside stocks, ETFs, and options on its platform. The move expands the company’s crypto services to 48 U.S. states and follows approval from New York financial regulators.Regulatory Milestone AchievedThe company secured both the New York State BitLicense and Money Transmitter License after years of engagement with state authorities. These are among the most stringent licenses in the country and permit eToro to operate fully within the state’s complex regulatory framework.“New York is the epicenter of financial markets and a hub of innovation,” said Andrew McCormick, Head of eToro U.S. “Completing our U.S. footprint here reflects our commitment to broadening responsible access to the next generation of financial markets.”Expanding Access to Digital AssetsWith the latest approval, eToro can now offer crypto trading to more than nine million New Yorkers. The platform provides a single interface for multiple asset classes, supported by educational tools and a social investing community.According to eToro’s internal survey, 36% of U.S. retail investors already hold crypto, and another 17% plan to increase their exposure, underscoring rising participation in digital markets. This article was written by Jared Kirui at www.financemagnates.com.

Global fintech firm Airwallex has received approval from Bank Negara Malaysia to operate as a fully licensed financial services provider in the country after obtaining both e-money and Class A licenses.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The move enables the firm to offer its complete suite of financial products to Malaysian businesses, ranging from local payments to global money movement.Growing Footprint and Market InvestmentThe new licenses build on Airwallex’s earlier approvals, including its Class B Money Services Business license and status as a registered merchant acquirer. With expanded regulatory coverage, the company can now issue e-money, manage multi-currency accounts, support foreign exchange transactions, and facilitate international payouts on a single platform.Arnold Chan, Airwallex’s General Manager for Asia-Pacific, said Malaysia is a key market where the company aims to help businesses expand internationally. In 2025, Airwallex expanded its local team by 66% and handled over RM2 billion in remittance transactions. It also opened a larger office in Kuala Lumpur and plans to double its workforce.Airwallex has strengthened its global brand presence by signing a multi-year sponsorship deal with Arsenal Football Club, shortly after securing $300 million in Series F funding that valued the company at $6.2 billion. The partnership makes Airwallex Arsenal’s Official Finance Software Partner and extends across both the men’s and women’s teams, offering the company prominent branding and content opportunities during matches at Emirates Stadium. Arsenal Partnership After $300M Funding BoostAs the presenting partner for Arsenal’s upcoming pre-season tour in Asia, the Melbourne-based fintech aims to leverage the collaboration to engage new audiences and showcase its payments technology on an international stage.This latest move continues Airwallex’s broader expansion strategy, which has increasingly blended sports marketing with its financial technology growth. Following its earlier deal with McLaren Racing, the Arsenal partnership underscores Airwallex’s ambition to position itself as a leading global payments provider while aligning with iconic sports brands to boost visibility. The fresh capital injection provides the financial backing to scale its offerings and amplify brand recognition, signaling that Airwallex’s post-funding momentum is firmly focused on deepening its global footprint through high-profile partnerships.Elsewhere, Airwallex recently appointed former New Zealand Prime Minister and Finance Minister Sir Bill English as Chair of its New Zealand board, reinforcing its growing presence in the country. Since launching locally in 2023, the fintech has expanded rapidly, now serving over 1,000 New Zealand businesses and processing around NZ$2.4 billion in annual payment flows, a 240% increase from the previous year. This article was written by Jared Kirui at www.financemagnates.com.

The U.S. Commodity Futures Trading Commission (CFTC) has made its position clear: prediction market contracts are financial derivatives, not gambling, and insider trading laws apply accordingly.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)In his first public remarks as Enforcement Director, David Miller addressed what he described as a persistent misconception that insider trading rules do not apply to prediction markets. "Unfortunately, there’s a myth in mainstream media and social media that insider trading doesn’t apply in the prediction markets," Miller said at a panel at New York University. "That is wrong."A key CFTC official said the agency will use its powers to root out insider trading in prediction markets https://t.co/UillsoQ2f2— Bloomberg (@business) April 1, 2026The remarks come after a series of trades ahead of major geopolitical events, including the U.S. capture of Venezuelan leader Nicolás Maduro and the recent conflict in Iran. "Misappropriated Information" Miller was careful to draw a distinction between legitimate informational advantages and illegal activity. He noted that market participants are allowed to use their own knowledge. For example, a farmer may use what he observes about his own harvest to trade. However, he made it clear that the CFTC will prosecute cases involving "misappropriated information." "We will only be prosecuting cases against those who tip or trade with misappropriated information," Miller stated. He defined the clear legal standard that the agency will apply, and added that the CFTC will use its discretion and not pursue "trivial" cases.Not Gambling, but DerivativesMiller also addressed the agency’s position in its ongoing disagreement with state regulators. Several states have argued that prediction markets constitute gambling and fall under their oversight. Miller framed the issue in direct terms: "Our position is that event contracts are not gaming. The event contracts at issue are swaps. Insider trading law applies."This distinction is central to the CFTC’s position. If event contracts are treated as derivatives, they fall under federal market rules, including insider trading restrictions.This statement provides a degree of federal cover for the industry and for brokers and institutional players looking to enter the space, as it reinforces the classification of these products as financial derivatives rather than gambling. A New Enforcement Philosophy Miller also pointed to a shift in the CFTC’s approach under the new administration, moving away from reliance on enforcement actions alone. He said the agency plans to offer stronger incentives for companies and individuals to cooperate with investigations, including the possibility of reduced penalties.For brokers and fintech firms, the implication is practical. If prediction markets are treated as derivatives, existing compliance expectations - including insider trading controls - apply in full. This article was written by Tanya Chepkova at www.financemagnates.com.

Foreign exchange startup OpenFX has raised $94 million in fresh funding to expand its stablecoin-powered cross-border payments platform, Reuters reported, citing people familiar with the matter. The round values the company at around $500 million.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Backing from Major Venture FirmsThe funding was led by Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera. OpenFX, founded in 2024 by Prabhakar Reddy, a former founder of crypto brokerage FalconX, is building infrastructure that uses stablecoins to speed up and reduce the cost of foreign-exchange transactions.Reddy reportedly conceived the idea for OpenFX after observing long queues at Western Union branches in Dubai. The company now connects traditional banking networks with digital systems, allowing near-instant FX conversion using stablecoins as the settlement layer.You may also like: A $150B Crypto Time Bomb? Google Says Quantum Computing Could Rewrite Bitcoin SecurityOpenFX said more than 98% of transactions on its platform now settle within an hour, compared with two to five business days under traditional methods. The startup reportedly processes over $45 billion in annualized payment volume, up sharply from $4 billion a year ago, driven by demand from neobanks, fintechs, and remittance providers.The fintech plans to use the new capital to expand operations in Southeast Asia and Latin America, where stablecoin usage is growing. It currently operates in the United States, United Kingdom, UAE, and India.OpenFX has developed a real-time foreign-exchange settlement network designed to replace traditional correspondent banking flows, focusing on wholesale clients such as remittance firms, neobanks, brokerages and global payroll providers rather than on direct-to-consumer transfers.OpenFX Sharpens Institutional FocusIn the crypto payments and stablecoin gateway niche, OpenFX’s backend FX and liquidity layer overlaps with firms like BVNK and Bridge, which help companies adopt stablecoins as a payment rail and integrate crypto into existing payment stacks. These players similarly focus on converting between fiat and digital assets while offering compliance and treasury tooling for international businesses.Late last year, OpenFX moved to deepen its institutional operations by appointing Alex Rowles as its new Head of Trading and Risk, adding a seasoned markets specialist just as cross-border payments and stablecoin flows draw more regulatory and operational scrutiny.Rowles joins OpenFX after a seven-year spell at LMAX, where he held senior roles at the trading venue and liquidity provider. He initially served as Head of Trading before moving into a Commercial Director position for the final two years of his tenure. This article was written by Jared Kirui at www.financemagnates.com.

A group of over 40 U.S. lawmakers, led by Senator Elizabeth Warren, is demanding that federal regulators take immediate action to address the problem of insider trading on prediction markets.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) In a formal letter to the Commodity Futures Trading Commission (CFTC) and the Office of Government Ethics (OGE), lawmakers urged the agencies to issue clear guidance. They want federal employees to be reminded that using non-public government information to trade on these markets is illegal.Rep. Moulton joined 40 House and Senate colleagues, led by @SenWarren and @RepAngieCraig, in calling on the CFTC and OGE to curb insider trading in prediction markets, underscoring the urgent need for clear guidance. pic.twitter.com/N7N19sEqAp— Rep. Seth Moulton Press Office (@RepMoulton) March 30, 2026 The letter is a direct response to a series of high-profile, suspiciously well-timed bets that have raised concerns about the use of classified or privileged information. These bets include a $400,000 profit made by a user on the offshore platform Polymarket who correctly bet on the capture of Venezuelan leader Nicolás Maduro just hours before the event.
 "Given the exponential growth in prediction market trading, [and] rising evidence suggesting possible governmental insider trading... we ask that the CFTC and OGE issue guidance reminding federal employees of their existing legal obligation," the lawmakers wrote. A Call for Formal Investigations and Proactive Measures The letter goes beyond a request for guidance. Lawmakers are calling for a formal staff-level briefing and are asking whether the CFTC is already investigating cases involving federal employees, as well as what steps regulators are taking to detect and prevent such activity. This push from Capitol Hill places additional pressure on the broader prediction market ecosystem, including regulated platforms such as Kalshi and the brokers and infrastructure providers building access to these markets. From Grey Area to Enforcement Focus The lawmakers' letter explicitly states that under existing law (the STOCK Act), insider trading by federal employees on derivatives markets—which the CFTC says includes prediction markets—is already illegal. However, they argue that in this "nascent" industry, the rules need to be explicitly clarified and enforced. The CFTC itself has been moving in this direction, recently issuing its first advisory on prediction markets and noting that the prohibition on insider trading includes the "misappropriation of confidential information." For the B2B brokerage and fintech audience, this legislative push is a meaningful development. It signals that prediction markets are moving toward a more structured compliance environment, where the detection and prevention of insider trading is becoming a central requirement. This article was written by Tanya Chepkova at www.financemagnates.com.

Jack Dorsey’s long-standing vision of embedding Bitcoin into daily commerce just took a major step forward. His company, Square, has automatically enabled Bitcoin payments for millions of U.S. merchants, offering instant BTC-to-dollar conversion at checkout without any processing fees until 2026.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)No Setup, No Volatility, No FeesThe rollout allows Square sellers to accept Bitcoin as payment without extra configuration or crypto knowledge. Every transaction automatically converts to U.S. dollars the moment it’s processed, shielding merchants from price volatility and the need to manage custody or accounting changes.Automatically enabled bitcoin payments are rolling out to eligible U.S. Square sellers.Start accepting bitcoin that instantly converts to cash at checkout, with no additional setup.→ 0% processing fees through 2026→ Near-instant settlement→ No need to hold bitcoinLearn… pic.twitter.com/rnrPI0KbHE— Square (@Square) March 30, 2026According to the firm, instant settlements and zero fees until 2026 make the feature particularly appealing to smaller businesses that prioritize simplicity and cost efficiency.In an announcement on X, Square stated: “Automatically enabled Bitcoin payments are rolling out to eligible U.S. Square sellers. Start accepting Bitcoin that instantly converts to cash at checkout, with no additional setup.”You may also like: Mastercard Adds Blockchain Muscle With $1.8B BVNK AcquisitionThe feature is part of the company’s broader “Square Bitcoin” initiative but marks a shift in approach, Bitcoin acceptance is now integrated directly into existing payment infrastructure rather than offered as an optional add-on. This model positions crypto payments alongside traditional card and digital transactions, potentially lowering barriers to mainstream adoption.Competition in Digital PaymentsSquare’s announcement arrives as PayPal expands its own digital payments ecosystem through PYUSD, a U.S. dollar-backed stablecoin launched across 70 markets. While PayPal bets on stablecoins for predictable value, Square is doubling down on Bitcoin’s infrastructure potential, reflecting Jack Dorsey’s conviction that Bitcoin, not stablecoins, represents the internet’s native money.Bitcoin is becoming easier for people to spend because several big payment players now let customers pay in crypto while merchants still receive regular money in their accounts, with all the conversion handled in the background. Still, Dorsey acknowledged that Square would support stablecoins as user demand grows, signaling a pragmatic blend of ideology and practicality in the company’s crypto strategy. Square’s automatic Bitcoin payments rollout could quietly normalize crypto usage at checkout. This article was written by Jared Kirui at www.financemagnates.com.

Prediction markets kept moving this week. Trading continues, positions are opened and closed, and the machinery keeps running. On the surface, it still looks like business as usual, but it doesn't.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) More attention is shifting to how these markets handle information. Questions around insider trading, new legislation, and changes in platform rules are starting to converge around the same point: who gets to act on information, and when. Here’s what mattered this week. What Moved the Prediction Markets This Week Behind the $967K Trade An investigation published by CNN this week pointed to a pattern that has been discussed for months, but rarely documented this clearly. Blockchain analytics firm Bubblemaps identified a cluster of linked accounts it believes are controlled by a single trader, who made nearly $967,000 on Polymarket by repeatedly betting on U.S. and Israeli military actions against Iran ahead of time. The trader’s win rate on larger bets approached 90% — far above what would normally be expected in a market driven by uncertainty. The accounts remain anonymous, and some still held open positions as of Monday. The analysis does not prove insider trading, but the pattern is hard to ignore. More importantly, it connects directly to the broader debate now playing out in Congress and among regulators: whether prediction markets reward access to information that is not yet public.Three Bills in Five Days Between March 23 and March 26, several legislative proposals targeting prediction markets were introduced in Congress. On March 23, Senators Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act, which would ban CFTC-registered platforms from offering sports and casino-style contracts. The bill has also been backed by the Indian Gaming Association.“Public service should not be a pathway to private gain,” said Senator Curtis. “Our bipartisan legislation ensures that insider trading rules apply to prediction markets and removes any ambiguity in how those rules are enforced—underscoring a basic expectation that those entrusted with sensitive information cannot use it for personal profit.” On March 25, a bipartisan House bill proposed banning members of Congress, the president, and executive branch officials from trading on political event contracts.On March 26, a group led by Senators Jeff Merkley and Elizabeth Warren introduced the STOP Corrupt Bets Act. Representative Jamie Raskin joined the effort. The bill covers elections, government actions, military conflicts, and sports.If you’re writing the laws, you shouldn’t be playing the market. This is basic stuff. I have a bill that finally bans members of Congress from trading stocks. No loopholes. No exceptions.— Senator Mark Kelly (@SenMarkKelly) March 23, 2026 At the same time, more than 20 state-level lawsuits are running alongside the federal activity. Kalshi responded to the Schiff–Curtis bill by calling it an attempt to protect traditional gambling interests from competition. A VC Fund, Two Rivals, One Cap Table A new venture fund, 5(c) Capital, has raised $35 million to invest in prediction markets infrastructure. What stands out is who is backing it. Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan — competitors — are both involved. So are investors tied to firms like Andreessen Horowitz and Ribbit Capital, two names closely associated with major fintech and crypto bets. The fund is focused on building the underlying plumbing of the market — market-making, data, and index products — rather than consumer platforms. The signal is simple: even as platforms compete, capital is being deployed around the infrastructure that supports them. Quote of the Week Tarek Mansour, Kalshi CEO and co-founder, reacted on X to the Prediction Markets Are Gambling Act introduced by Senators Schiff and Curtis on March 23.Casino lobby hard at work.There is a reason tens of millions of people use regulated prediction markets: it’s a better product.Banning just pushes this offshore, where no regulation exists.This bill isn’t about protecting consumers; it’s about protecting monopolies. https://t.co/otzm0U4Te8— Tarek Mansour (@mansourtarek_) March 23, 2026Number of the Week $500,000 That’s the threshold above which prediction market traders start making money. According to a recent analysis, only the highest-volume participants — those with more than $500,000 in activity — recorded positive returns. Smaller accounts consistently lost money.The Friction of the Week On Monday March 23, Kalshi announced it would preemptively block athletes, coaches, political candidates, and sports officials from trading contracts related to their own events.Two new guardrails: 1. Screen and block politicians from trading on their own campaigns.2. Screen and block athletes from trading on their own leagues. We already banned, monitored, and enforced against it. Now our systems also look to block it pre-trade. https://t.co/HThqrvmZ2B— Tarek Mansour (@mansourtarek_) March 23, 2026Polymarket published updated market integrity rules the same day, clarifying that users cannot trade on stolen confidential information, illegal tips, or contracts where they can influence the outcome. Neal Kumar, Polymarket's chief legal officer, described the changes as making "expectations abundantly clear." Two days later, Senators Schiff and Curtis appeared on CNBC's Squawk Box and rejected these measures as insufficient. Schiff said the companies "cannot be relied upon to self-regulate" and pointed to the suspected insider trading around Iran war bets.A bipartisan group of Senators creating the "Prediction Markets Are Gambling Act" aiming at limiting the platforms' reach. Authors @SenAdamSchiff & @SenJohnCurtis outline the details:https://t.co/lGYZQ6opbd— Squawk Box (@SquawkCNBC) March 25, 2026The disagreement is structural. Kalshi and Polymarket argue that existing CFTC oversight and their own rules already prohibit the conduct legislators are targeting. Legislators argue that enforcement is toothless, blockchain anonymity prevents tracing, and the platforms have a business incentive to look the other way. Arizona filed 20 criminal counts against Kalshi on March 16. A Nevada court issued a 14-day temporary restraining order on Kalshi's sports contracts on March 20. The platforms are calling these state actions pre-empted by federal law. Bottom Line This week brought together several threads that have been building for some time. A trader with an unusually high win rate drew attention to how information moves through these markets. Congress responded with multiple bills. Platforms updated their rules. Courts in two states moved against Kalshi. What becomes clear is that each part of the system is moving at its own pace. Platforms react in hours, rewriting rules as events unfold. Legislators move in weeks, introducing overlapping proposals. Regulators move in months, opening comment periods and building formal frameworks. Courts move case by case. The market, meanwhile, doesn’t wait. Prediction markets were built to price uncertainty. Now they are being shaped by the rules that try to contain them. This article was written by Tanya Chepkova at www.financemagnates.com.

ARK Invest and prediction market platform Kalshi have announced a collaboration to test how prediction markets can be used within institutional research workflows.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) Under the partnership, ARK will work with Kalshi to create event contracts tied to its investment themes, including macroeconomic indicators, company performance metrics and scientific or technological milestones. “Bringing prediction markets into institutional workflows is a natural extension of how we think about research,” said Cathie Wood, Founder, CEO and CIO of ARK Invest. “We believe these signals can provide additional context around key drivers across disruptive sectors.”At @ARKInvest, we’re always looking for new tools that can sharpen our research and improve how we make investment decisions. Prediction markets are not just a new derivatives market — they represent a powerful new way to quantify risk and surface forward-looking insights.We’ve… https://t.co/BLFzORsaVK— Cathie Wood (@CathieDWood) March 26, 2026From Data Source to Research Input The collaboration moves prediction markets from being an external data point to something that can be incorporated directly into the research process. Instead of only observing existing markets, ARK plans to help define the questions those markets track. For example, this could include contracts tied to specific business outcomes, such as production targets or regulatory approvals, allowing the firm to monitor market expectations in real time. Prediction markets have shown relatively strong forecasting accuracy in certain domains. Analysis of Polymarket data suggests accuracy of around 73% across resolved markets, rising to over 90% in the final hours before events. This compares favorably with traditional polling models in some political forecasts.However, these signals are not purely neutral. Market outcomes can be influenced by large traders and uneven participation, which may affect how prices are formed. “We believe prediction markets offer a way to observe how participants price specific risks,” said Nick Grous, Director of Research at ARK Invest. A Targeted Use Case For Kalshi, the partnership expands its work with institutional participants by focusing on how its markets are used rather than just how they are traded. “This was part of the original vision for Kalshi — to provide pricing on real-world events that institutions can use in decision-making,” said CEO Tarek Mansour.As institutional adoption of prediction markets grows, Kalshi is seeing increased demand for a formal market request pipeline to help investors leverage the wisdom of the crowd.@ARKInvest is now working with Kalshi through this pipeline to list markets used in investment…— Tarek Mansour (@mansourtarek_) March 26, 2026 The collaboration builds on a series of recent partnerships focused on institutional access. Kalshi has worked with firms such as Tradeweb on data distribution and FIS on clearing infrastructure, while other partnerships have focused on custody and market integrity. For brokers, asset managers and data providers, the development points to a potential use case beyond trading. Prediction markets may be used as a supplementary signal within research and risk frameworks, rather than as a standalone trading product.Still an Early Experiment The approach remains experimental. The usefulness of prediction market data depends on factors such as market depth, participant mix and how contracts are structured. Activity is often concentrated in a limited number of contracts, with many markets remaining thinly traded. For now, the collaboration suggests one way these tools might be used within institutional workflows, rather than establishing a standard model. This article was written by Tanya Chepkova at www.financemagnates.com.

eToro has begun rolling out a feature that allows users to connect their own AI agents to live trading accounts. The company said the new function lets developers automate trades directly through eToro with allocated capital and defined risk limits.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Dubbed Agent Portfolios, the new offering acts as a separate sub-account within a user’s main profile. According o the firm, investors can name the portfolio, set a budget starting from $200, and link an AI agent using a scoped API key. The agent can then open and close trades, check balances, and manage positions within that portfolio’s boundaries.Adoption of Agentic AI ToolsAgentic AI is a type of AI that can analyze information and take actions for a user, such as moving money or placing trades, within set limits. In finance, it usually means autonomous software agents that follow a goal (for example, managing a portfolio) and interact with external systems like broker APIs without needing constant human prompts.The timing also reflects rising demand from retail clients for AI-assisted investing, with eToro recently reporting a 46% jump in AI tool usage in 2025 and strong interest in AI-related themes across its user base.The rollout marks another step in its push to embed AI deeper into its trading ecosystem and shift more activity toward rules-based, automated strategies. It comes after the platform introduced AI tools such as the “Tori” AI companion and Alpha Portfolios, as well as public APIs aimed at letting users build and automate strategies on top of eToro’s infrastructure.Read more: AI Agents Could Be the Next Payments Revolution: Mastercard and Santander Just Proved ItThe latest platform offers two setup paths via the desktop application or through a direct conversational prompt for integrated AI tools. No coding is required to activate a portfolio.Industry Keep Agentic AI Mostly in PilotsFor eToro, Agent Portfolios extend the long-running social and copy-trading model into user-built automation, effectively turning the platform into a sandbox where developers can deploy and test AI agents with real capital inside controlled sub-accounts. Examples include Interactive Brokers, which has discussed agentic AI and autonomous strategy execution in its thought leadership and marketing, though mainly around tools and research rather than retail-facing AI sub-portfolios. Commentary on Charles Schwab and Fidelity also describes how they explore agentic AI concepts for workflow automation and advisory support, but these efforts remain largely conceptual or internal, not packaged as ring‑fenced AI trading portfolios for end clients. This article was written by Jared Kirui at www.financemagnates.com.

Russia has delayed enforcement of a new advertising ban on Telegram and YouTube following backlash from lawmakers and the online business community. The regulators said it would implement a grace period through the end of 2026, giving advertisers time to adapt to changing regulations.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)FAS Delays Enforcement of Telegram and YouTube Ad BanThe clarification by the Federal Anti-Monopoly Service (FAS) came after reports that the FAS had pursued criminal cases against bloggers who placed ads on the two platforms.For brokers, the grace period mainly preserves a critical client‑acquisition funnel while they still have to prepare for a post‑Telegram or YouTube future.Read more: Telegram’s Global Ambitions Hit a Wall as $500 Million in Bonds Freeze in RussiaMany Russian forex and CFD brokers rely on Telegram channels and YouTube influencers for lead generation, education funnels and brand visibility. Suspending enforcement lets them keep running campaigns and partnerships without immediate fine risk, instead of being forced into an abrupt and likely less effective pivot to domestic platforms and offline channels.The agency said on Wednesday that the complaints were linked to restrictions imposed by the state communications regulator Roskomnadzor, which has progressively limited Telegram’s functions since last year. Previously, there had been no clear indication that advertising on the apps was illegal.In a statement published on its website, the FAS said businesses “need time to adapt to the new rules and shift to alternative advertising channels.” The grace period means enforcement actions will be suspended until December 2026, though the agency confirmed that ads on Instagram and Facebook, banned in Russia as “extremist” platforms, remain prohibited. Advertising VPN services also remains illegal.Early this year, Russia launched a criminal investigation into Telegram founder Pavel Durov for allegedly abetting terrorist activities, intensifying its standoff with the messaging app and its billionaire creator. State-aligned media have also reported fresh curbs on Telegram’s services inside Russia alongside an official drive to steer users toward a state-backed alternative platform.Duma Backs Gradual TransitionThe advertising dispute comes amid wider moves to tighten state control over digital communications. Telegram, which counts nearly 90 million users in Russia, faces mounting scrutiny.Authorities accuse the app of being used by criminal networks and foreign intelligence agencies. The FSB is currently investigating Telegram founder Pavel Durov on terrorism-related allegations, and reports earlier this year suggested a potential nationwide ban could follow.Early this year, Telegram passed 1 billion monthly users, of whom around 450 million use the app every day. According to Magnetto’s Telegram Marketing Report 2025, India accounted for about 100 million downloads in 2024, while both the U.S. and Russia recorded more than 38 million installs each. This article was written by Jared Kirui at www.financemagnates.com.

Robinhood has announced a new $1.5 billion stock repurchase plan, coming as crypto and tech markets face pressure from wider geopolitical and economic uncertainty. Shares in Robinhood Markets dropped to their lowest level this year.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)$1.5 Billion Program Extends Earlier BuybacksRobinhood’s board approved the buyback on Tuesday, adding $1.1 billion in new capacity to its remaining authorization. The plan will run for about three years, with flexibility to speed up depending on market conditions.The latest plan extends an earlier $1.5 billion program started in 2024 and expanded in 2025. By March 2025, Robinhood had repurchased 25 million shares for more than $1.1 billion. The firm went public on July 29, 2021, listing its shares on the Nasdaq under the ticker.Keep reading: Finance on Tap: Robinhood Brings Money Trivia to Pubs Across EnglandRobinhood shares closed 4.7% lower Tuesday at $69.08 before recovering slightly after hours. The stock has dropped almost 40% this year and is down more than half from its October peak of more than $150. However, at the time of writing, the price was 7% up, trading at $73.Separately, Robinhood Securities entered a $3.25 billion revolving credit facility with JPMorgan Chase, replacing a smaller one and allowing expansion up to $4.87 billion.Social Trading, Prediction Markets, and Tokenization Robinhood’s latest buyback comes as the broker leans harder into social trading, testing a U.S. product that lets users share and discuss portfolios in‑app while trying not to provoke another regulatory backlash. At the same time, the company is pouring resources into prediction markets, which have quickly become one of its fastest‑growing businesses and a key pillar of its post‑meme‑stock story. Robinhood is building its own futures and derivatives exchange and gradually loosening its reliance on Kalshi, even if volumes and fee sharing still tie the two together for now. Further out on the risk curve sits Robinhood’s tokenization push, where it is working with blockchain partners on a three‑phase plan that would see users hold tokenized equities, withdraw them off‑platform and eventually pledge them as collateral for crypto loans. If it works, Robinhood could position itself at the center of a retail capital‑markets stack that spans stocks, prediction markets and on‑chain finance. This article was written by Jared Kirui at www.financemagnates.com.

The most active segment of prediction markets — sports-related contracts — is coming under coordinated pressure from lawmakers, state regulators and gaming groups, putting a key source of trading volume at risk.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The latest step is the Indian Gaming Association (IGA) backing a bipartisan Senate bill that would prohibit federally regulated platforms from offering contracts tied to sporting events and casino-style outcomes. IGA statement: The Indian Gaming Association welcomes the introduction of the “Prediction Markets Are Gambling Act” @RWW pic.twitter.com/IBKM0rHYiI— Suswati Basu (@suswatibasu) March 23, 2026Pressure on Sports Contracts Expands Across States and Federal Level The bill, introduced by Senators Adam Schiff (D-Calif.) and John Curtis (R-Utah), has gained new momentum with the support of the IGA, which represents tribal gaming operators across the U.S. For tribal and state regulators, the issue goes beyond classification. Sports-related prediction contracts overlap directly with sportsbook products, raising concerns about competition outside existing licensing frameworks. Several states, including Nevada and Arizona, have already challenged these markets. Nevada has secured a temporary restraining order blocking Kalshi from offering sports contracts, while Arizona has filed criminal charges alleging the platform operates as an unlicensed gambling business. The IGA’s involvement brings these state-level concerns into a more coordinated national push. Federal and State Positions Continue to Diverge The bill would remove sports-related contracts from the jurisdiction of the Commodity Futures Trading Commission (CFTC), which currently treats these products as financial derivatives. The CFTC has argued in court filings that event-based contracts fall under its authority as commodity derivatives. State regulators and gaming groups, however, view them as gambling products that should remain under local control. IGA Chairman David Bean framed the bill as restoring state and tribal authority over sports betting, arguing that prediction markets operate outside established regulatory frameworks. Kalshi CEO Tarek Mansour criticised the proposal, saying it reflects pressure from incumbent gaming interests rather than concerns about market structure. Casino lobby hard at work.There is a reason tens of millions of people use regulated prediction markets: it’s a better product.Banning just pushes this offshore, where no regulation exists.This bill isn’t about protecting consumers; it’s about protecting monopolies. https://t.co/otzm0U4Te8— Tarek Mansour (@mansourtarek_) March 23, 2026What This Means for Brokers For brokers and fintech firms, the issue is practical. Sports-related contracts account for a significant share of activity on prediction market platforms. Restrictions at the federal level could force platforms to remove these products or restructure them under state frameworks. This creates uncertainty around product availability, jurisdiction and infrastructure decisions. Firms exploring integrations may need to reassess whether these products can be offered, where they can be offered, and how they should be structured. More broadly, the situation shows that regulatory boundaries for event-based contracts are still being defined, with outcomes depending on how authority is ultimately divided between federal and state regulators. With the IGA now actively backing federal legislation, the issue is shifting from regulatory interpretation to a broader policy debate over who controls sports-related betting markets in the U.S. For now, the direction of the market will depend less on demand and more on how these competing frameworks are resolved. This article was written by Tanya Chepkova at www.financemagnates.com.

Revolut reported pretax profit of £1.7 billion for the full year 2025, up 57% from £1.09 billion the prior year, as the London-based fintech expanded its customer base and diversified revenue streams across an increasingly broad product lineup, the company said today (Tuesday).Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Revenue reached £4.5 billion ($6 billion), a 46% increase from £3.1 billion in 2024 and ahead of the £4.2 billion average estimate compiled by Bloomberg analysts. The results mark the firm's fifth consecutive profitable year, with net profit rising to £1.3 billion from £0.8 billion in 2024."We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth," Chief Executive Nik Storonsky said in a statement accompanying the results. "A decade into this journey, we have only just begun to show what is possible."Revolut’s Customers Drive Fee EngineThe expansion of Revolut's retail base remained the primary engine of top-line growth. The company added 15.8 million customers during the year, bringing its total retail customer count to 68.3 million, a 30% year-on-year increase. Business customers grew 33% to 767,000.Fee-based revenue continued to dominate the income mix, accounting for 76% of total turnover, the annual report shows. Card payments represented the largest single revenue line at 22.2% of total, followed by interest income at 21.6%, subscriptions at 15.7%, wealth products at 14.7%, and foreign exchange at 13.4%. Subscriptions rose 67% over the year, the company said, while paid plan adoption increased 42%.Business banking contributed 16% of total group revenue, with Revolut Business generating £708 million, up from £463 million a year earlier. Transaction volumes across the business segment reached £277 billion, a 56% increase, driven by what the company described as particularly strong demand in Singapore, Australia, and the United States, where business banking grew by more than 140% year on year.Lending Portfolio More Than DoublesRevolut's loan book grew 120% to £2.2 billion from approximately £1 billion at the end of 2024, consisting primarily of unsecured personal loans and credit cards, with mortgages described in the report as "nascent." The loan-to-customer-deposit ratio stood at 6.2%, up from 4.6% the prior year, indicating that the firm remains heavily weighted toward deposit gathering relative to lending, a profile more typical of a payments business than a traditional retail bank.Total customer balances, including funds held with partner institutions, climbed 66% to £50.2 billion. Savings balances more than doubled to £20.4 billion. The company said its balance sheet grew to £43 billion in 2025, with 90% of assets held in cash equivalents and high-quality treasury investments. Revolut's plans for building out its lending and mortgage offering were foreshadowed in late 2024, as the firm signaled intentions to move further into territory traditionally held by retail banks.UK License Opens Deposit CompetitionThe results come days after Revolut's UK banking subsidiary, Revolut Bank UK Ltd, formally exited its mobilization phase, unlocking the ability to offer Financial Services Compensation Scheme-protected deposit accounts to its 13 million UK customers. The Prudential Regulation Authority granted initial authorization with restrictions in July 2024, following a three-year regulatory process, but the full operational launch had remained pending since then.The cleared license puts Revolut in more direct competition with incumbent retail banks for deposit balances. According to a Bloomberg Intelligence report cited in the company's annual filing, Revolut's ability to compete for deposits could put pressure on accounts representing 25% to 30% of deposits at Lloyds Banking Group and NatWest Group. That competitive pressure on UK high street banks had been building well before the licence was granted, as Revolut accelerated its effort to position itself as customers' primary account.US Charter Application FiledBeyond the UK, Revolut said it filed an application for a US national bank charter with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in March 2026. The application is for an entity to be called Revolut Bank US, N.A. The company launched full banking operations in Mexico in January 2026, which it described as its first bank outside of Europe.Revolut's ambitions in the US date back several years, with the company previously exploring the acquisition of a US banking institution as a potential route to accelerate its market entry. The OCC filing marks a shift toward building a chartered entity from the ground up, a process that typically takes several years to complete.Margin Improves Despite Heavy InvestmentThe company's profit before tax margin widened to 38% from 35% in 2024, even as Revolut increased its sales and marketing budget by 47% year on year. Total staff costs reached £922 million, while advertising and marketing spend stood at £529 million. Headcount grew 10% on average during the year, with the company saying it prioritized investment in product development and global expansion teams, which grew 26% and 35% respectively.Adjusted EBITDA, which excludes share-based payments alongside standard adjustments, reached £1.9 billion, compared with £1.3 billion a year earlier. Total capital resources stood at £4.9 billion at year-end, all classified as Common Equity Tier 1, up from £2.6 billion at the end of 2024.Revolut completed a secondary share sale in 2025 at an implied valuation of $75 billion, which the company said cemented its position as Europe's most valuable private technology company. This article was written by Damian Chmiel at www.financemagnates.com.

GTN, a global fintech infrastructure company, has received a Type 1 securities dealing license from Hong Kong's Securities and Futures Commission (SFC), giving the firm its sixth regulated entity worldwide and completing what it describes as an Asia-Pacific dual-hub structure.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The license brings GTN's regulated presence to the UK, the United States, Singapore, the United Arab Emirates, South Africa and now Hong Kong. The company said the SFC approval, paired with its existing Monetary Authority of Singapore authorization, forms the backbone of its regional strategy, linking two of Asia's most active financial centers within a single operating framework."GTN has provided access to Hong Kong and China markets across its network for several years and has witnessed increasing demand from clients globally to trade in this high-growth region," said Manjula Jayasinghe, co-founder and Group Chief Executive Officer.[#highlighted-links#] "This milestone enables GTN to facilitate customer order flow from Greater China into global markets, while further enhancing its ability to provide access to Greater China markets for clients across the GTN network."Greater China Capital Flows Drive Licence PushThe Hong Kong approval is tied to what GTN describes as growing demand for access to capital moving between mainland China and international markets. The company says the new entity positions it to connect partner firms to US$3 trillion in China-related cross-border flows, though it did not disclose a source or methodology for that figure.Central to the offering, the company says, is access to the Stock Connect programme, the cross-border link allowing investors to trade eligible shares in Shanghai, Shenzhen and Hong Kong.GTN said it intends to support two-way order flow through the mechanism, meaning both inbound investment into China and outbound allocation from Greater China into global markets. Webull tapped GTN in April 2025 to deliver fixed income products to APAC customers, a deal that reflected rising broker appetite for GTN's fractional infrastructure in the region.The firm also extended its fractional trading capabilities to HKEX-listed equities, building on what it described as a 2025 expansion of that product line. GTN says fractional access allows retail-facing apps to offer high-value Hong Kong stocks at smaller unit sizes, reducing the capital barrier for retail participation.Regulatory Footprint Widens After FCA, MAS ApprovalsThe Hong Kong licence follows a period of regulatory and commercial expansion for the company. In November 2024, GTN received FCA authorisation in the UK, which the firm said would underpin B2B and B2B2C services under the Tripartite Model B structure. That move was followed in December 2024 by the appointment of a dedicated European CEO with two decades of fintech experience.GTN partnered with Georgia's Galt & Taggart brokerage in May 2025 for cross-border trading across US, European and Asian markets, while Revolut had previously tapped GTN in June 2024 to bring bond trading to EEA customers, illustrating the range of client types the firm targets across both retail and institutional segments.API Model Faces Growing Field in AsiaGTN's infrastructure-as-a-service model, which allows banks, brokers and fintechs to offer investment products without building proprietary technology, competes in a segment that has attracted increasing attention from both global and regional players. Firms including DriveWealth, Alpaca and Interactive Brokers' GlobalTrader unit operate in overlapping areas, and several Asian technology providers have moved to build comparable multi-market connectivity in recent years.The company says its single API covers 90-plus markets and eight asset classes, with the stated aim of reducing time-to-market for new investment products. Audi Capital selected GTN's platform in October 2025 to connect Saudi high-net-worth clients to 80 global markets, a deal that pointed to traction in the Gulf region alongside GTN's Asia and European push.GTN employs more than 600 professionals across 14 countries and says it serves over 450 clients globally. Its investors include IFC, the World Bank Group's private sector arm, and SBI Ventures Singapore. This article was written by Damian Chmiel at www.financemagnates.com.

A group of U.S. senators has proposed a law to ban federally regulated prediction markets from offering contracts on sports events, raising questions about how these markets will be regulated, according to a Wall Street Journal report.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The bill is co-sponsored by Senators Adam Schiff (D-Calif.) and John Curtis (R-Utah). It would remove sports-related contracts from the Commodity Futures Trading Commission’s (CFTC) authority and place them under state oversight. “The CFTC is greenlighting these markets and even promoting their growth,” said Sen. Schiff. “It’s time for Congress to step in and eliminate this backdoor, which violates state consumer protections.”A Market Between Federal and State OversightThe proposal targets one of the fastest-growing segments of prediction markets: sports-related contracts. Platforms such as Kalshi and Polymarket operate under a federal framework, treating these products as financial derivatives. At the same time, they compete with state-licensed sportsbooks such as FanDuel and DraftKings, which are regulated under gambling laws. This overlap has led to conflicting approaches across jurisdictions. State regulators in Nevada and Arizona have challenged the legality of these contracts, with Arizona filing criminal charges against Kalshi. The CFTC, meanwhile, has argued in court that event-based contracts fall under its authority as commodity derivatives. The timing is notable. The bill comes as parts of the industry are moving toward more structured models. Recent agreements involving Major League Baseball, Polymarket and the CFTC have introduced licensed data, contract limits and closer coordination with regulators — steps that bring these markets closer to traditional financial products. What the Bill Would Change The bill would draw a clear line between financial and gambling oversight by removing sports contracts from the CFTC's jurisdiction. If adopted, platforms operating under the federal model would need to either stop offering these contracts or shift to a state-level regulatory framework. For market participants, this would directly affect product availability and the structure and distribution of these contracts. For brokers, the bill introduces a practical question: whether sports-related prediction contracts will remain part of the product mix. It also creates uncertainty around how these products can be offered, in which jurisdictions, and whether existing integration efforts will remain viable. Firms exploring these markets may need to reassess product strategy. This is especially true if regulatory treatment differs across asset types. More broadly, the proposal highlights that regulatory boundaries for event-based contracts are still evolving. Decisions around infrastructure, partnerships, and distribution will depend on how jurisdiction is defined. While the bill focuses on sports, its implications may extend to other categories of prediction markets. If Congress draws a clearer line between financial and non-financial events, similar questions could arise for contracts tied to politics, economics, or corporate outcomes. This article was written by Tanya Chepkova at www.financemagnates.com.