Kalshi’s ‘Stock Market of the World’ Lets You Bet on Anything – Bloomberg

On Nov. 3, 2020, Election Day, two young entrepreneurs received a call from the chairman of the Commodity Futures Trading Commission with some important news. Luana Lopes Lara and Tarek Mansour had spent the past 18 months trying to get permission to start an ambitious and controversial new type of financial exchange—one where, rather than betting on equity prices or commodity futures, people could trade instruments tied to the outcomes of real-world events, such as the passage of legislation, the weather on a particular day, or the winner of best actor at the Oscars.

“Congratulations,” boomed Heath Tarbert, a Republican who’d been appointed by President Donald Trump the previous year. “You now stand with markets that have been around since the 1840s. And I have no doubt that in time you’ll grow to be a powerhouse, too.”

Source: Kalshi’s ‘Stock Market of the World’ Lets You Bet on Anything – Bloomberg