11 states collectively targeting Kalshi is essentially raising the compliance costs of prediction markets another tier up. Short-term sentiment is not favorable for this narrative, as funds will first worry about whether expansion speed and product rollout will be delayed. For $TIA , the connection is not the most direct, but the market often trades it together with new application infrastructure, and when risk sentiment declines, related beta tends to get caught in the selloff as well.
11 states collectively targeting Kalshi is essentially raising the compliance costs of prediction markets another tier up. Short-term sentiment is not favorable for this narrative, as funds will first worry about whether expansion speed and product rollout will be delayed. For $TIA , the connection is not the most direct, but the market often trades it together with new application infrastructure, and when risk sentiment declines, related beta tends to get caught in the selloff as well.