> Describing an organization with a license from the CFTC as an "unregulated futures market" is just flat wrong

Not really. It's genuinely unclear how the CFTC magicked this authority. If the CFTC's authority over prediction markets is illegal, then Kalshi truly is unregulated. Otherwise, I can claim my lemonade stand is regulated by JumpCrisscross's Trading Commission & Spaghetti Emporium.

They offer contracts that are almost certainly outside the scope of regulation, an appeals court has already ruled that some of their contracts are indeed subject to state laws and not CFTC regulation, and they are continuing to push the envelope. How is it wrong to call them an unregulated market under the circumstances?