Derivatives &
market structure
OTC documentation, trading arrangements, clearing, margin, and market-facing financial products.
Kale Pasch, CFA, JD
Legal expertise
for complex markets.
Kale Pasch is an attorney, markets practitioner, and founder of regulated technology ventures.
Kale Pasch, CFA, JD, is a New York-based derivatives attorney at Skadden, Arps, Slate, Meagher & Flom LLP, focused on equity derivatives, and a founder working where gaming, derivatives, and fintech meet. He is the founder of Apparently AI, the founder of Tomorrow, an OTC prediction markets exchange, and the founder of the Prediction Markets Institute, which sets the standards for OTC prediction markets trading. Earlier, he was an Associate National Bank Examiner at the Office of the Comptroller of the Currency and founded the VC-backed fintech company Froogal. He writes on derivatives, prediction markets, gaming, digital assets, and market structure.
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This website is for general information only and does not provide legal advice or create an attorney-client relationship.
FIELD NOTES / 2026
NEW YORKLAW · MARKETS · GAMING · TECHNOLOGY
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A disciplined point of view
Build at the edge.
Understand the rules.
The work is practical: translate changing legal and market frameworks into decisions that founders, institutions, and product teams can actually use.
Focus areas
Where I contribute.
Derivatives &
Gaming, wagering
& interactive products
Commercial, regulatory, and product judgment for gaming, racing, contests, and consumer-facing digital experiences.
FinTech &
digital assets
Regulatory analysis for evolving financial products, platforms, tokenized systems, and regulated technology businesses.
Product, governance
& execution
A finance and operator’s lens for translating complex requirements into durable product decisions and practical action.
Selected analysis
Ideas, explained
in public.
The House Always Wins: Valve's Loot Box Empire
An examination of the legal fiction around virtual gambling, chance-based mechanics, and secondary marketplaces.
Read article ↗The Architecture of Autonomous Code
A legal framework for evaluating how decentralized smart-contract systems are structured and operated.
Read article ↗NFA Regulatory Requirements for FCMs, IBs, CPOs, and CTAs
Practical regulatory analysis on the frameworks that govern futures-industry intermediaries.
Read article ↗Founder-led ventures & products
Independent products
I founded.
Founder · Apparently AI
Apparently AI
Embeds legal counsel into coding agents, so teams building regulated gaming, prediction-market, and fintech products launch faster and spend less on legal work.
Founder · Here Tomorrow
Tomorrow
An OTC prediction markets exchange for high-limit positions on games and headlines.
Founder · Professional standards
Prediction Markets Institute
Sets the standards for OTC prediction markets trading: how event contracts are designed, negotiated, settled, and supervised, and what the people who advise on and operate these markets need to know.
Founder · Pareto
Pareto
A long-horizon decision-planning app for capital, family, and life choices with lasting consequences.
Founder · Galop
Galop
A mobile racing network for live competition, community, and responsible interactive play.
Founder · Sustainable Barks
Sustainable Barks
A sustainable pet-products brand built around lower-waste everyday essentials for dogs and their people.
Research & publication
Clear writing for
complicated systems.
I publish explanatory work on derivatives, prediction markets, gaming and interactive products, digital assets, financial regulation, and the infrastructure around them. The archive includes long-form research and practical study materials.
Read the publication library ↗