Why It Matters

Kalshi Inc. filed a registration amendment on August 21, reporting $500,000 in lobbying expenses for the second quarter of 2026.

The Lobbyists

The company operates an in-house lobbying entity and has reported total lobbying revenue of $1,355,000 across six filings since it began lobbying in the fourth quarter of 2021.

Kalshi's in-house team includes Tony Hanagan as Head of Congressional Affairs, Sara Slane as Head of Corporate Development, and John Bivona as Head of Federal Government Relations.

The company also works with external firms including Miller Strategies LLC, Lincoln Policy Group, Resolution Public Affairs LLC, Squire Patton Boggs, Intersection Government Relations LLC, and Dow Solutions Inc.

Broader Context

In September 2023, the Commodity Futures Trading Commission (CFTC) issued an order prohibiting the company from offering congressional-control contracts. However, in October 2024 the U.S. District Court for the District of Columbia ruled in Kalshi's favor, finding that the CFTC erred in categorizing the contracts as gaming or gambling. The court determined the CFTC exceeded its statutory authority under the Commodity Exchange Act and that Kalshi's political events contracts did not involve unlawful activity or gaming.

In 2024, CFTC Chair Selig directed staff to withdraw a proposed rule that would have defined gaming to include event contracts based on political elections. The CFTC subsequently issued an order instructing Kalshi to continue operating. Since receiving permission to list contracts on political outcomes in fall 2024, Kalshi has expanded its political engagement.

Between The Lines

Congressional attention to prediction markets has grown. Nevada leads geographically among member communications mentioning Kalshi, with five communications. A hearing on the nominations of Brian Quintenz to be a Commissioner and Chairman of the CFTC mentioned Kalshi in 3 statements. Rep. Dina Titus introduced H.R. 7477 on February 10, marking the first Congressional legislation targeting casino-style games offered by prediction markets. Rep. Yassamin Ansari introduced the BETS OFF Act. Members have raised concerns about specific bets placed on Kalshi's platform, including a $180 million bet on LeBron James' next team and reports of $100,000 in bets placed on speeches. States have also pursued enforcement actions: Ohio began litigation against prediction market platforms including Kalshi in early 2025, and Michigan brought an enforcement action seeking an injunction against Kalshi conducting activities within the state.

Competitive Landscape

Multiple lobbying firms are engaged on prediction market regulation. Lincoln Policy Group and Miller Strategies LLC were lobbying firms for Kalshi Inc. during 2025-2026.

The Bottom Line

Kalshi Inc. filed a 2026 Registration Amendment lobbying disclosure on August 21, 2026. Kalshi significantly increased its lobbying spend in 2025.

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