Prediction Markets at the Crossroads: Innovation, Regulation, and Market Design

Recorded on Friday, May 29, 2026

Background:
Prediction markets—only a few years ago relegated to academic discourse—are now in the news almost daily and at the center of a vibrant policy debate. Bringing together subject matter experts to examine this fast-moving legal landscape, this webinar explored how these markets operate and how they have evolved into platforms for trading on real-world outcomes. Panelists addressed key questions surrounding the boundaries between state and federal jurisdiction, the intersection of gaming law and derivatives regulation, market structure, consumer protection, and insider trading.

Panelists:
Dan Berkovitz, Vice Chairman, External and Regulatory Affairs, Millennium Management; Former Commissioner, Commodity Futures Trading Commission (CFTC)

Ferdisha Snagg, Partner, Cleary Gottlieb Steen & Hamilton LLP

Joshua Sterling, Partner, Milbank LLP

Brian Quintenz, Director, KalshiEx and Kalshi Klear; Former Commissioner, Commodity Futures Trading Commission (CFTC)

Moderator:
Paolo Saguato, Professor of Law; Founder and Director of the Program on Financial Markets, George Mason University Antonin Scalia Law School