Brett Cooper

I'm sure it's very regulated.

I'm sure it's very illegal.

Like that cannot be happening.

But you would be wrong.

You'd absolutely be wrong.

And honestly, something being illegal has never stopped our government in the first place.

So we could just go ahead and mark that down.

But anyway, back to the point.

While the app Kalshi, because these are two different groups, while Kalshi has stricter laws in place, Polymarket, which is arguably the more popular site, it's the one that I come across most frequently on social media, they operate offshore.

They do not require traditional ID verification to sign up, and they use crypto wallets instead of bank accounts.

And obviously, cryptocurrency is lauded as the thing that is very private and secure.

It is anonymous.

And so while I, somebody who has never met anything, does not spend any time on these apps, like literally has never interacted with them, I initially saw these two platforms as being synonymous.

But there is a big difference, and this is going to be important.

Listen to this.

Kalshi is generally considered more regulated than PolyMarket within the US because it is a direct, federally regulated exchange approved

by the CFTC.

Kalshi operates under strict CFTC oversight, whereas Polymarket is considered more crypto native and has only recently expanded its U.S.

presence, having faced more scrutiny over its decentralized international structure.

Now, what I also didn't know is the Polymarket actually was not legal in the United States until the middle of last year, and it actually is still not legal in every state.