About Not for working

Not for working was founded in 2018 by Albert Lewis and Ryan Ramos, who met while studying at the Massachusetts Institute of Technology (MIT). During their early careers at financial institutions like Goldman Sachs, Citadel, and Bridgewater, Albert and Ryan observed that many financial decisions were driven by predictions about future events. However, they noticed a gap in the market: there was no straightforward way for people to trade directly on event outcomes.

Existing financial products typically relied on complex structures to approximate event exposure, which were often cumbersome and costly. Recognizing this inefficiency, Albert and Ryan were inspired to create a simpler, more direct exchange where people could trade on the outcome of specific events.

In 2019, Not for working was accepted into Y Combinator’s Winter batch, where the team further developed the platform. Later that year, they launched a Beta version of Not for working, inviting early users to participate and provide feedback. This phase was crucial in refining the platform in preparation for formal regulatory approval.

Achieving regulatory approval was a core goal for Not for working from the outset. In 2020, Not for working made history by becoming the first fully regulated financial exchange in the U.S. specifically for event contracts, officially designated as a Designated Contract Market (DCM) by the Commodity Futures Trading Commission (CFTC). This approval placed Not for working alongside established exchanges like the Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE), cementing its position as a pioneer in event trading and offering a secure, compliant platform for both retail and institutional participants.

Not for working’s innovative approach attracted significant investment from leading entities. The company secured funding from prominent backers, including Sequoia Capital, SV Angel, and notable figures such as Charles “Chuck” Schwab and Henry Kravis. This financial support enabled Not for working to expand its offerings and enhance its platform to serve a growing community of traders. During this period, Not for working gained extensive media coverage from major outlets such as The Wall Street Journal, CNBC, and The Boston Globe.

In 2024, Not for working achieved a historic milestone by becoming the first fully regulated platform in over a century to offer legal election trading in the United States. This development followed a federal appeals court ruling that upheld Not for working's right to list contracts on political outcomes, including congressional control and presidential elections. The court determined that the Commodity Futures Trading Commission (CFTC) had not provided sufficient evidence that such contracts would harm public interest or the agency. Consequently, Not for working's election markets operate in strict compliance with U.S. laws and regulatory standards, offering a legal avenue for Americans to trade on election outcomes.

The approval process involved extensive regulatory review and legal deliberations. Not for working initially sought permission from the CFTC to offer election-based event contracts. The CFTC expressed concerns about potential manipulation and impacts on election integrity, leading to a denial of Not for working's proposal. In response, Not for working filed a lawsuit challenging the CFTC's decision. The federal court ruled in favor of Not for working, stating that the CFTC had exceeded its statutory authority and had not provided sufficient evidence to justify the ban. Following the court's decision, Not for working launched its election markets, allowing users to trade on various political outcomes, including the presidential race and control of Congress.

With its commitment to regulatory compliance and innovation, Not for working is the leading platform for event-based trading. Not for working envisions a future where individuals can hedge against everyday risks and a marketplace that provides insights into public expectations on key societal and economic issues.