Projected increased competition between the market platform Kalshi and Polymucket

According to The New York Times, the competition between Kalshi and Polymarket, the forecast market platform, has extended to regulatory, judicial, financing and commercial cooperation. According to the source, several months before the FBI raid on the residence of Shayne Coplan, founder of Polymarket in 2024, lawyer Kalshi had met with the Federal Attorney for the Southern District of New York to describe the way Polymarket operated and to indicate that it might be open to United States users before the ICE decided to invest in Polymarket. Kalshi CEO Tarek Mansour and his investment partner, Alex Immerman, A16Z, respectively, had communicated with ICE executives and were seen by some as trying to stop the deal. The parties had also previously continued to clash over CFTC licences, trademarks, talent, partners and state-level regulation, and had competed more than usual for business。