A CFTC hearing turned into an unusually heated exchange between CME Group CEO Terrence Duffy and Kalshi’s Chief Operating Officer Luana Lopes Lara, with personal insults traded publicly. Terrence Duffy warned about the vulnerability of certain prediction market contracts to manipulation, only to be corrected by CFTC Chairman Michael Selig, who noted that the criticized contracts were never listed in the United States. The confrontation comes as Kalshi and Polymarket together reach nearly 20 billion dollars in valuation, with trading volume growing over 2,800% in one year. At the heart of the dispute is also a legal battle between the federal regulator and attorneys general from 38 U.S. states over the agency’s exclusive authority to regulate sports-related contracts.
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