FORMER SEC AND CFTC OFFICIALS HAVE CALLED FOR A REDUCTION IN THE BURDEN OF ENCRYPTION

In a joint letter supported by Kalshi, former Chairman Chris Giancarlo, former member of the CTC, Brian Quintenz, former member of the CTC, and Sharon Brown-Hruska, and former member of the SEC, Steven Wallman, said that regulation should be based on real risks rather than the highest burden, in order to avoid overlapping rules that increase the costs of compliance. Kalshi estimates that the size of the off-shore long-term contract deal exceeded $9 trillion in 2025, compared to approximately $2.8 trillion two years ago. Chris Giancarlo stated that if United States regulation was adjusted for real risk, the associated liquidity was expected to flow back to the United States。