Name: Luana Lopes Lara on Maintaining Market Integrity at Kalshi
Uploaded: 2026-05-05T17:32:00Z
Duration: 2 min 42 s
Description: In the wake of clarifying a betting market involving Venezuela’s leadership, Kalshi co-founder Luana Lopes Lara explains to WSJ's Amol Sharma how they decide when to issue a clarification.

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In the wake of clarifying a betting market involving Venezuela’s leadership, Kalshi co-founder Luana Lopes Lara explains to WSJ's Amol Sharma how they decide when to issue a clarification.

https://m.wsj.net/video/20260505/f559bfd9-ffdd-4e68-96c8-560c0b571268/1/hls/manifest-hd-wifi.m3u8

Luana Lopes Lara on Maintaining Market Integrity at Kalshi 

There was a market that was, I think it's, "Who will officially lead Venezuela on June 1st" is the market. And a few weeks ago, you guys went in there and clarified that currently that market would resolve to say that Maduro is the official president of Venezuela. So it's awkward, obviously, because he was captured and put in a federal detention center, I believe, in Brooklyn, and so here's another slide. The spike that you see is around April 15th when you guys made that ruling, and so it completely changed the bet. It went from 20% the day before that he was the president, to 85, and now it's like 90%. So can you give us any insight on something like that. What prompts you to revisit it? Because that's one of those things that probably doesn't happen all the time, it's probably rare, but...

Right, that is a great question. The way that we seek clarifications is more that some part, sometimes it's hard to enforce that every single user reads the rules. We actually make it so that you have to click through for a lot of new users, to make sure they read the rules. There's actually a funny phrase that says, "Don't be lazy, read the rules," that they have to "okay" to go forward. But a lot of times when we do these clarifications, it's actually something happened in the world and we need to make sure that people have read the rules or remember the rules to make sure what's happening. And what we do for a lot of these cases, we actually stop the market, clear the book, send the clarification, give some time, and then open the market again, to make sure there isn't kind of a lot of trading disturbance there. I don't know the specifics of this one, but the most important thing as a regulated exchange is that we're following our rules. And that's something that we have the confidence and the trust of our users that we will always follow our rules. And as-

If they weren't fair, you have to go back. You'll acknowledge that sometimes it'll be that you had the rule, it's just that people didn't quite get it or, in this case it was, I believe that the rule was, or the reason was that in the org charts of Venezuela, he's still listed right as president.

And that's the thing, a lot of the times we have to basically pick a source of truth and that source of truth cannot change, right? And if it is a specific government website saying something, we still need to do that because otherwise it becomes so subjective, and the traders need to have certainty on how we're gonna do certain things. A lot of the times when we issue clarification is also because we feel like, as I said, it's like a lot of people didn't read the rules and we need to make sure they do it. That's why I send an email, put it on the page and all of that.