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Episode Description
Kalshi's Andy Ross joins the panel to argue that a Ninth Circuit ruling against the exchange might actually help its case at the Supreme Court.
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A Ninth Circuit panel ruled unanimously that Nevada can enforce its gambling laws against Kalshi's sports contracts, clashing with an April Third Circuit ruling that placed Kalshi under CFTC oversight instead.
Andy Ross, Head of Institutional at Kalshi, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to unpack the resulting circuit split and argue that Kalshi's order book looks nothing like a sportsbook that bans its winners.
They also dig into a viral report that OpenAI's agents built a covert message board to coordinate across sandboxes and dodge shutdown, debating whether it is a real security failure or, as Ram argues, a marketing stunt. Ross also reveals the topic that drives the most requests for new markets: divorce.
The conversation turns to Kevin Warsh's hawkish Jackson Hole debut, why Kalshi and FedWatch price September's rate odds more than 30 points apart, and why Ram thinks Congress, not the Fed, holds the real key to the debt problem.
Hosts
Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida
Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto
Guest
Andy Ross - Head of Institutional at Kalshi
Timestamps:
📣 00:39 1inch Aqua: Back multiple liquidity positions with one wallet at http://unchainedcrypto.com/go/1inch-sn
🤖 01:31 How OpenAI's agents built a covert message board to game evaluations
⚖️ 11:16 Why Andy says blaming AI is easier than admitting human error
📣 17:18 1inch Aqua: See how the new shared liquidity platform works at https://oneinch.com/aqua
🏛️ 18:05 Ninth Circuit rules Nevada can enforce gambling law against Kalshi
🎯 22:49 Why the CFTC believes it has federal preemption over event contracts
💹 28:47 Perpetuals are back, and Kalshi is adding gold, FX, and rates contracts
📜 33:43 Austin on the blurry legal line between a swap and a future
🏦 41:45 Warsh's hawkish Jackson Hole speech and September hike odds
💰 52:14 Why Austin thinks Congress, not the Fed, owns the debt problem
🌐 56:03 Andy on stablecoin dollarization and Kalshi's coming AI markets