Leveraging FEC Data to screen campaign staff: Last week, NPR reported on several anonymous campaign staffers who claimed they had profited from trades they made on prediction markets which were placed ahead of polling drops for the campaigns they worked on. The reporting didn’t say which prediction market they traded on, but at Kalshi, campaign staff have always been prohibited from trading in election markets. All markets are subject to 24/7 surveillance on Kalshi, and we are conducting investigations and enforcement as usual. We also go beyond policing insider trading and try to preemptively block potential insiders from trading where possible. To that end, our team has ingested available data from the Federal Election Commission and is actively screening salaried federal campaign employees from trading on a campaign that they work for. This data helps us prevent or detect trading by campaign insiders. We plan to process similar data published at the state level where it’s available and block state campaign staff from trading on campaigns they’ve been associated with, too. Let me be abundantly clear: we police all kinds of insider trading and market manipulation at Kalshi. Congress is also considering a law specifically criminalizing campaign staff from trading on their own campaigns – but we aren’t waiting for additional legislation or regulation to take action on market integrity. If we find this type of activity on our platform, it will be referred to law enforcement and subject to exchange disciplinary action. I encourage all traders to heed the repeated warnings from companies like Kalshi, and from the CFTC and DOJ: engaging in insider or manipulative trading on federal exchanges can get you into serious trouble, and we are continuously working to prevent, detect, and punish it where we find it.