While a joint panel with the SEC and the CFTC, Kalshi CEO Tarek Mansour discussed how regulatory uncertainty is pushing innovation overseas.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held a joint panel discussion on September 30 to examine how their regulatory efforts could better work together. Kalshi CEO Tarek Mansour participated in the second panel discussion of the day, made up of market CEOs, taking the opportunity to note how regulatory uncertainty makes it hard to operate.
“As a company that’s really focused on a regulatory-first approach, it has been historically hard to operate in areas of uncertainty,” he said. “Often what happens is if you go to agencies, we get long answers, and the agencies often disagree.
“What American companies are left with is waiting for regulatory clarity, where some of the innovation is pushed offshore, which is not ideal for America. We hope that this sort of harmonization effort does disentangle some of these disagreements and the rules or interpretation of the rules.”
Innovation needs faster regulatory approval
Mansour went on to highlight that SEC regulation comes down to a lengthy approval process, which often takes 240 days for many products. He described the process as “very onerous” in an industry that often relies on rapid adaptation to market demands.
“Free markets are a great thing,” Mansour continued. “I think we all agree on that. Free markets are great. They are a powerful driving force for economic prosperity in America.
“Today does really feel like a new era. It feels like we can finally work constructively with regulators but also the rest of the industry to really figure out how to expand financial markets and incorporate all of these technologies that are coming our way while ensuring sensible regulation, customer protection, and market integrity.”
Kalshi has been working closely with regulators to bring out new products as the company grows, recently hitting $1 billion in monthly transaction volumes.
Featured image: Kalshi
The post Kalshi CEO says ‘regulatory uncertainty’ is pushing innovation offshore appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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