Prediction market platform Kalshi said it has expanded its market surveillance and enforcement framework, forming an independent advisory committee and adding new trade surveillance partnerships as it deepens its compliance infrastructure.
The company said it has established an independent Surveillance Advisory Committee and entered into a new surveillance partnership with Solidus Labs, a provider of trade monitoring technology used across traditional financial markets. Kalshi also said Daniel Taylor, director of the Wharton Forensic Analytics Lab, will work with the platform as part of its expanded surveillance effort.
The moves come as prediction markets draw increasing scrutiny from regulators and policymakers amid their growth beyond sports and into elections, economic data, and other real-world outcomes.
Founded in 2018, Kalshi operates as a federally regulated exchange overseen by the Commodity Futures Trading Commission. The company spent several years seeking regulatory approval before launching its first markets, positioning compliance and oversight as central to its business model.
As a CFTC-regulated exchange, Kalshi bans market manipulation and insider trading, restricts the types of contracts it lists, and requires users to complete Know-Your-Customer and Anti-Money Laundering checks before trading. The company also reports all trades to the CFTC on a daily basis.
Kalshi said it has built proprietary surveillance and enforcement systems modeled on those used in equities and derivatives markets. The new initiatives are intended to supplement those systems with additional external oversight and institutional-grade monitoring tools.
The newly formed Surveillance Advisory Committee includes Lisa Pinheiro, a managing principal at Analysis Group who focuses on data-driven analysis of market manipulation and price impact, and Taylor, whose work centers on insider trading and fraud detection. Former Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson, now a partner at Cooley LLP, will advise Kalshi on market integrity, surveillance, and financial compliance matters.
Kalshi said the committee will provide quarterly analyses to the company’s outside counsel and will publish statistics related to flagged trades, investigations opened and closed, and any disciplinary actions initiated by the exchange.
Under its partnership with Solidus Labs, Kalshi will use the firm’s trade surveillance platform to augment its internal monitoring systems across more than 4,000 active markets. Solidus’ work with Kalshi will be conducted in collaboration with Taylor and the Wharton Forensic Analytics Lab, the company said.
Kalshi also announced the appointment of Robert DeNault as Head of Enforcement. DeNault joined Kalshi in late 2025 after working in the global white collar crime practice at White & Case LLP, where he advised clients on financial fraud investigations, regulatory enforcement matters, and internal reviews. In his new role, DeNault will coordinate with the advisory committee, external surveillance partners, and Kalshi’s compliance team to oversee enforcement activity related to insider trading and market manipulation.
In addition, Kalshi said it has launched Responsible Trading and Market Integrity hubs on its website to consolidate information about consumer protections, regulatory oversight, and market rules.
“Market integrity is one of the pillars of Kalshi’s growth strategy,” Taylor said in a statement. “I am pleased to advise Kalshi on further processes and safeguards to detect and deter insider trading and market manipulation.”
Asaf Meir, founder and chief executive officer of Solidus Labs, said the partnership reflects the need for modern surveillance tools as prediction markets expand. “A platform built to trade on the future deserves a trade surveillance partner that isn’t stuck in the past,” Meir said.
Kalshi said the expanded surveillance framework is designed to reinforce its position as a federally regulated prediction market as the sector continues to evolve.
