Kalshi Inc. may become the New York Stock Exchange of U.S. elections. It just needs to get past federal regulators first.

The up-and-coming prediction market operator, backed by some of the biggest names on Wall Street and Silicon Valley, is already a force in launching new contracts for investors and bettors to trade on everything from climate change to potential Moon landings.

Yet Kalshi’s latest planned market – focused on which political party will control Congress in the new year – is sparking a debate in Washington.

Under the proposal, Kalshi wants to list two new so-called political event contracts based on the question of whether Democrats or Republicans will take over each chamber after the midterms.