> 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.