Exactly equal to the sum of my tweets.
Burbank, California
Joined March 2011
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It would be helpful if all headlines like this had a little symbol indicating “Your tax dollars are funding this.” Maybe even a little symbol for “Actual U.S. bombs were involved in the making of this headline.”
Stephen Miller has to constantly shave his head because if he doesn’t he turns into the bad guy from Beverly Hills Cop.
Geez you guys aren’t going to leave me alone are you?? Fine I’ll do it!
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“Donnie Brasco” except he’s an undercover agent sent by Utah to place about $115 in sports bets on Kalshi.
Utah sent an undercover agent to place about $115 in sports bets on Kalshi. Now the two people who started Kalshi are charged with 13 felonies, and the top charge alone carries up to 15 years in prison.
The day after the charges came down, investors gave Kalshi $1 billion.
Here's how the sting worked. In September, a special agent with the Utah attorney general's office opened a Kalshi account with a Utah address, a Utah phone number and a Utah debit card. Before his first bet, $10 on the Cowboys against the Giants, the app asked him to confirm his location. He told it he was in Utah, and it took his money. He did that 12 times over 11 days, on games like Utah vs. Utah State and a Real Salt Lake match.
Kalshi's cut on each bet was somewhere between 3 and 78 cents. So the company made less than $10 off the bets Utah is now using to go after its CEO and COO personally. And that top charge comes from Utah's racketeering law, the same kind of statute prosecutors use on organized crime.
The obvious question is why Kalshi didn't just shut off Utah. It clearly knows how. It already blocks Nevada and Washington because a settlement and a court order made it. DraftKings pulled its sports and politics markets out of Utah the same night the charges were filed, FanDuel did it the next day, and Fanatics shut down everything there on November 4.
Kalshi stayed because of how the company is built. DraftKings runs on licenses from gambling regulators in more than 20 states, so when one state comes after you with criminal charges, you get out fast and protect the rest. Kalshi has exactly one license, from a federal agency called the CFTC. Its whole $40 billion valuation depends on the idea that this one federal license overrides state gambling laws, and quietly walking away from Utah would cut against that argument everywhere else.
The federal government is backing Kalshi on this, and pretty aggressively. The CFTC and the Justice Department sued Utah two days before the charges. Their complaint says that if Kalshi turned away Utah residents, it would be breaking a federal "impartial access" rule that requires exchanges to serve everyone.
So the founders are stuck. Utah wants them to stop taking bets from Utahns or face prison, and the federal government is in court saying they aren't allowed to stop.
This goes way past Utah, too. The CFTC has sued 10 states since April. On the other side, 37 states signed a brief backing Utah in its appeal.
Sequoia and Wellington, who co-led the $1 billion round, are betting on one legal question, whether federal commodities law beats state gambling law. If the courts say yes, Utah's criminal case could fall apart along with every state lawsuit against Kalshi. A federal judge in Utah already said no back in August. The 10th Circuit is up next, and this looks like it's headed to the Supreme Court.
Kind of fitting for a company that lets you bet on almost anything that its biggest investors now have $1 billion riding on how a court case turns out.
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mid-century modern is cringey now
Was not expecting the face of this former KABC Eyewitness News anchor to send me into a Proustian childhood reverie, but here we are. RIP, Harold Greene.
The American Dream is dead guys — pretty soon they are going to start letting *immigrants* into this country!
Traditionally the most dangerous drawer in the kitchen because the runner broke 5 years ago and it falls on your foot if you pull it out too far looking for batteries or the Pez from last Christmas.
This is definitely one way to design a label for real, 100% maple syrup if your goal is to make it look suspiciously like it’s not real, 100% maple syrup.
There is no human face that would ever make sense to me paired with Larry Mantle’s voice. Even when I watch him speak I cannot believe it’s not a dub.
