But the rules may pose a minor hurdle for people who just have to cheat.
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Kalshi is taking a new step toward preventing insider trading on its platform. For certain bets, the prediction market will require users to disclose where they work. The new rules will be rolling out in the coming weeks, and are expected to be applied to topics such as company performance and national security, although the exact guidelines have not been disclosed yet.
A rep from the company told The Wall Street Journal, which first reported on this change, that Kalshi would typically confirm the employment information if it finds suspicious activity connected to an account.
Insider trading has been a recurring problem for prediction markets. Kalshi has already had multiple high-profile cases on its watch, including an employee of YouTuber MrBeast and three political office candidates, one of whom tried to spin it as a campaign promise for prediction market regulation. The most recent instance saw insider trading allegations made against former Congressman George Santos.
Considering how willing prediction market users have been to flout the rules, it’s hard to guess whether this policy will substantially curb insider trading or whether people will simply find new ways to orchestrate lucrative wins. While several states have attempted to sue prediction markets and regulate them as gambling platforms, the federal government has intervened and claimed sole jurisdiction for the sector under the US Commodity Futures Trading Commission. International efforts to curb the businesses have gained more traction, such as a ban in Spain while the domestic leadership investigates how to regulate them.
Gov. Tim Walz on Tuesday appointed Associate Justice Theodora Gaïtas to serve as chief justice of the Minnesota Supreme Court, following the retirement of current Chief Justice Natalie Hudson in September.
The move leaves an associate seat open on the bench, which Walz said he will fill with the appointment of Ramsey County District Court Judge Reynaldo Aligada Jr. A ceremony announcing the appointment of both justices is scheduled for Tuesday afternoon.
Ramsey County District Court Judge Reynaldo A. Aligada Jr. was appointed to the Minnesota Supreme Court by Gov. Tim Walz on Tuesday.
Courtesy of the Minnesota Judicial Branch
Gaïtas has previously served on the Minnesota Court of Appeals and the Fourth Judicial District Court. Walz appointed her to the Supreme Court in 2024. The DFL governor said her experience as the only Supreme Court justice to serve at all three levels of the judicial branch, as well as the first former public defender to lead the court, would serve the state well.
“Justice Gaïtas will be an exceptional chief justice, leading the Judicial Branch with wisdom, resolve, and fairness,” Walz said in a news release. “She brings a rare breadth of experience, having served at every level of our state’s judiciary, and will be the first public defender to serve as chief justice of the Minnesota Supreme Court. That perspective will be invaluable, guiding her leadership as she takes on this profound responsibility to serve all Minnesotans.”
Gaïtas said she is honored to be appointed to lead the state’s high court.
“I’m committed to a judiciary that all Minnesotans can access, trust, and rely on. These commitments will guide every decision I make as chief justice,” she said. ”I look forward to working alongside the talented judges and court professionals across this state, whose dedication makes justice possible every day. And I want to recognize and thank Chief Justice Hudson, who has provided outstanding service to the judicial branch and the people of Minnesota.”
Aligada will fill the vacancy left by Gaïtas when she is elevated to the chief justice post. He currently chairs the Minnesota Supreme Court Advisory Committee on the Minnesota Rules of Evidence. Prior to serving on the Ramsey County District Court, he worked in the Office of the Federal Defender and as an associate at the firm Robins, Kaplan, Miller and Ciresi.
Walz said Aligada“is someone who leaves a lasting impression on everyone he meets, pairing a keen legal mind with genuine humility and compassion.”
“He will be a justice who truly sees and listens to the people who come before him, ensuring every voice is heard and respected,” Walz continued in a news release. “In addition to his outstanding judicial background, he will bring a perspective not yet represented on this court, the voice of Minnesota’s Asian Pacific Islander community, further strengthening the court’s connection to the people it serves.”
Aligada said he’s humbled and honored to join the court.
“I am so grateful to the governor and his team for entrusting me with this great responsibility. I recognize the impact the Court’s decisions have on the lives of Minnesotans, and I will strive to do justice and protect the rule of law,” Aligada said.
Members of the Commission on Judicial Selection and the governor’s administration reviewed seven candidates and recommended that four interview for the associate justice position. And three current associate justices — Gaïtas, Anne McKeig and Paul Thissen — interviewed for the chief justice position.
When Gaïtas is elevated to the chief post and Aligada joins the court, five of the justices will be Walz appointees. And all seven justices on the court will have been appointed by Democratic governors, as is currently the case.
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