Kalshi Lawyer Leaves for DOGE Role as State Legal Challenges Rise

Posted on: April 2, 2025, 06:15h. 

Last updated on: April 3, 2025, 09:48h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Eliezer Mishory reportedly departing Kalshi for DOGE job tied to the SEC
  • Move comes as prediction markets operator is facing state-level legal issues

In a move some market observers are characterizing as a case of interesting timing, Eliezer Mishory is reportedly leaving his role as the top lawyer at Kalshi for a job at the Department of Government Efficiency (DOGE).

Kalshi
A Kalshi logo. It’s rumored that General Counsel Eliezer Mishory is leaving the company for a role at DOGE. (Image: Kalshi)

Unidentified sources told various media outlets that Mishory will be overseeing DOGE efforts related to the Securities and Exchange Commission (SEC), adding that the commission is bringing on some employees from the efficiency department while granting them access to select SEC systems.

Bloomberg reported Wednesday that Mishory stepped down as Kalshi’s general counsel to accept the role with DOGE. As of this writing, neither Mishory, DOGE, Kalshi, nor the SEC have commented on the speculation.

Interesting Timing Indeed

News of Mishory’s possible departure from Kalshi arrived as the prediction markets giant is facing an increasingly hostile state-level regulatory environment tied to its offering of sports event contracts.

Last month, the Nevada Gaming Control Board (NGCB) told Kalshi to halt operations in the state, saying it didn’t have approval from the Nevada Gaming Commission (NGC) to offer sports-linked derivatives. That was followed by Massachusetts Secretary of State William Galvin (D) calling for an inquiry into the NCAA Tournament contracts offered by Robinhood Markets in partnership with Kalshi.

Last week, the New Jersey Division of Gaming Enforcement (NJDGE) issued a cease-and-desist letter to Kalshi related to its sports contracts with the company firing back with suits against that state and Nevada.

Other states, including Connecticut, Illinois, and Ohio, are also pressing Kalshi to halt offering sports derivatives in their jurisdictions and there’s even speculation that Washington State, which doesn’t allow mobile sports betting, could follow a similar path.

Perhaps adding to the intrigue is the fact that Mishory previously worked under Brian Quintenz, who President Trump recently appointed to lead the Commodities Futures Trading Commission (CFTC) — the regulator that oversees prediction market operators such as Kalshi. The commission is expected to soon hold a roundtable on event contracts that could provide much-anticipated regulatory clarity. Quintenz is also a Kalshi board member.

Interesting Timing Part II

It’s not just the mounting legal challenges Kalshi is facing that call attention to the possibility of Mishory leaving the company. Events at the SEC make the headlines all the more pertinent, too.

The commission has been hit with a spate of resignations as a slew of staffers accepted President Trump’s offer to government employees to take early retirement while maintaining compensation and benefits for an extended period.

Not only are hundreds of staffers expected to leave the Wall Street regulator in the coming days, but a major reorganization was announced Wednesday under which the commission’s 10 regional offices will be combined to cover broader geographic areas to streamline operations, including paring of staff. Acting Chairman Mark Uyeda is said to have announced the change in a Wednesday email to employees.