CFTC's First DCM Enforcement Against Prediction Market Sets Compliance Template

The CFTC's $2,246.36 penalty against Kalshi on 25 February 2026 marks the regulator's first documented enforcement action against a Designated Contract Market in prediction markets. Though modest in dollars, the order signals active regulatory jurisdiction and establishes precedent as other platforms pursue DCM approval. The specificity of the disgorgement figure suggests trade-level scrutiny comparable to traditional futures markets, not lighter oversight for newer venues.