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US congressman warns against ‘dangerous’ CNN and Kalshi deal
Congressman Abe Hamadeh has called out the acting chair of the CFTC, Caroline Pham, warning that the CNN and Kalshi deal is a direct threat to market integrity and democratic stability.
After CNN announced the launch of an exclusive collaboration with Kalshi, Hamadeh stressed that no other media outlet has ever pursued such a collaboration, arguing that it creates a conflict of interest, allowing news organizations to influence financial outcomes.
The congressman stated:
“Constituents have raised alarm bells about a media company with a long-documented record of partisan manipulation now positioning itself to influence and profit from geopolitical events in real time. The partnership is not merely inappropriate; it is outright dangerous. CNN would be uniquely positioned to shape public perception and news cycles around the very events Kalshi lists as tradable markets.”
Hamadeh also mentioned the Commodity Exchange Act, which requires the commission to prohibit contracts involving war, gaming, or those contrary to the public interest.
Hamadeh added:
“One recent Kalshi betting market allowed people to bet on whether Palestinians in Gaza would suffer mass starvation and when Israel would bomb Gaza, bomb the West Bank, or annex either. The situation is chilling, and I have questions.”
Congressman Hamadeh has given 30 days to Pham to provide details on the commission’s assessment and its plan of action regarding the Kalshi-CNN partnership.
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