Natalie Kietroweth

And at this point, do we know who's actually using this thing?

And are people using it in the way that Copeland imagined they would to kind of create new sources of information to illuminate things that maybe weren't clear before there was the potential to bet on them?

Right, because I can imagine Copeland sees this as proof of concept.

Here you can come and get what I presume Copeland views as an objective sense of the odds.

Another example, for him at least, of it being a more reliable predictor than traditional media sources, traditional polls.

Okay, so obviously a huge payout for this one guy.

What do you make of this moment for the markets themselves?

Okay, so tell me what exactly changes for these markets when Trump comes to office.

So suddenly all these legal troubles that had been hovering over the company and the markets in general, they kind of seem to disappear.

Kalshi just announced a new partnership this week with Coinbase.

Wow.

It is kind of wild, David, to just consider the trajectory that you've laid out for us here.

A year ago about these markets were operating as a kind of niche, illegal backwater on the Internet where you had to pay in crypto and have a VPN to use them.

And now they're like fully in the mainstream.

Right.

I remember when that happened because I was following the Maduro news very closely.

People saw that bet and just did assume that this person who made it was potentially close to the White House and knew in advance it was going to happen.

Can I just pause and say how amazing it is that there were bets being made on what words he would use in an earnings call?

Right.

The CEO says this didn't benefit him, but it's pretty easy to imagine a situation in which someone does actually have a stake in an outcome that they can influence and colludes with people to make a lot of money manipulating it.