CME, Kalshi Execs Clash Over Prediction Markets in DC

The public friction is less about any single market and more about who gets to define integrity as prediction markets move from novelty to a regulated asset class. Duffy's and Lopes Lara's disagreement before the CFTC signals that the fight over standards — manipulation surveillance, oversight, and product scope — is now a Washington matter, not just a competitive one. What's worth watching is whether the agency treats these platforms as a distinct category or folds them into existing exchange rules; that choice will shape which venues can scale.