Progress Arizona

I’m troubled by the decision by AG Mayes to pursue a twenty-count criminal indictment against Kalshi. Prediction markets are a service that is expressly permitted under federal law. See 7 U.S. Code § 7a-2(c). Arizona citizens and businesses use these for lawful, legitimate purposes. AG Mayes’s criminal actions echo the Biden Administration’s pursuit of regulation by enforcement against crypto companies, where federal bureaucrats tried to apply maximum pressure to put financial innovators out of business. Thankfully, the people spoke in the 2024 election, and America is now the crypto capital of the world. To the extent that additional regulation of Kalshi and other prediction markets is needed, it should be done through the lawmaking processes by the people’s representatives.