Name: How Kalshi is Fighting Insider Trading
Uploaded: 2026-05-05T17:18:00Z
Duration: 4 min 25 s
Description: Kalshi co-founder Luana Lopes Lara lays out how her company prevents insider trading. Lara spoke at WSJ’s Future of Everything in New York City.

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Kalshi co-founder Luana Lopes Lara lays out how her company prevents insider trading. Lara spoke at WSJ’s Future of Everything in New York City. Photo: Nikki Ritcher for WSJ

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Kalshi co-founder Luana Lopes Lara lays out how her company prevents insider trading. Lara spoke at WSJ’s Future of Everything in New York City.

How Kalshi is Fighting Insider Trading

Kalshi bans insider trading.

Yep.

And you've been out there saying that even with marketing more aggressively lately.

My CRB boards.

And you've had some enforcement actions, a couple of them that you publicized recently. Your company has 150 people. So I'm very curious about how you have $14 billion in trading going on and 150 people. How can you possibly police all the bad guys? What's the systems in place to do it with that lean of a team?

Yeah, great question. So I think to start, as you said, we've been inside trading and we've always have since the inception of the company. Part of the regulatory process with the CFTC was actually how do we build the systems in place to stop this type of thing? That's market manipulation, insider trading. We don't allow that and we actually go many layers deeper than what's required by law. By law obviously it is, if you have material non-public information that you don't have the legal right to disclose, trading on that is illegal. So for example, if you are a Bad Bunny dancer and you sign an NDA knowing what the set list is going to be, you're not able to make money on that or go to Twitter and say what's going to happen. And that is illegal by law. We will go after you and we'll put fines and ban you from the exchange, can go to the CFT up until jail time really can be referred to DOJ. But we actually take two steps more than this. The next one is trading prohibition. So even if you don't have any legal requirements to not share something, we actually have a long list of trading prohibitions that if you violate them, that's also an exchange violation. You can also get fines, can also get banned and be enforced, sent to the CFTC or law enforcement. So that would include, for example, if you are in a sports market, any coaches or any player in that sport, even if they don't have information, those are all banned. And the last part, that's actually, we're the only ones that do, at this point we're doing way more in the stock market to stop insider trading here, is before the person even trades, we stop them from getting it to the market. So for example, if you're at Facebook, you can still go to the stock market and buy Facebook stock or trade, even if you might have insider information. With Kalshi, if you're a politician, you're immediately banned from even trying to trade on your own race, for example.

Is that not true with athletes, coaches and teams, agents?

It's also true, yeah.

If on their own market they're screened and banned.

Right, exactly.

How do you define insider? You just mentioned if you were a Bad Bunny dancer, that would count. But what I was looking through the way you define it on different markets and it varied and some of 'em had a little definition and I went in the rules and read it and it varied a lot.

Right.

And so let's go back to this Kash Patel example 'cause it's a very germane one for this. So you have this, will he be out by X date? Is the universe of insiders like only the White House and Justice Department, if someone worked at the Homeland Security Department or they were a congressional staffer who heard about it or they told a friend at OMB, what is the universe of insiders for that?

Yeah. And to be clear, this is a very, very hard problem, right. It's a very hard problem for the stock market. I think people just don't think about it as much anymore. It's a very hard problem for us as well in defining kind of what the line is. For specific markets related to politics, what we try is if you, for example, work in the FBI and you work in those places, or you can have access to that type of information in the White House, you're prohibited from trading in that market. I'm not sure specifically the rules of this specific market, I dunno off the top of my head. But we usually try to see the map, where the information would probably be shared and try to ban all of them. In terms of friends and family, we actually, in our surveillance team we have developed these systems for a very long time. And we look for example, at social connections on Facebook, on who you follow on Twitter to try to really find the links. And there's a very long, you mentioned the cases that we already publicized. There's so many cases that we're looking at and starting to enforce against. And a big part of it is actually a year of investigation requiring information from people, requiring them to submit certain paper data and all of that to really have the full investigation. And we go really through the social circle of people, as well to make sure that they're not violating our rules.