According to CoinTelegraph, on May 23, Kalshi announced its support for the formation of a new prediction market lobbying group, “Americans for Fair Markets,” hiring former White House deputy chief of staff Taylor Budowich as a strategic adviser. John Bivona, Kalshi’s head of government relations, was appointed as a board member of the new group.
Goals of Americans for Fair Markets: CFTC Oversight and Paid Advocacy Campaigns
Per Kalshi’s announcement, the specific goals of Americans for Fair Markets include: influencing federal government policy on prediction markets, running paid advertising campaigns to rebut “false narratives about prediction markets,” and supporting the Commodity Futures Trading Commission (CFTC) in regulating prediction markets. The association also said it will support consumer protection measures for federally regulated platforms, including KYC requirements, bans on insider trading, and restrictions on markets related to violence or terrorism. Americans for Fair Markets will join the “Coalition for Prediction Markets,” supported by Coinbase, Crypto.com, and Robinhood, which was formed in December 2025.
House Investigation and Jurisdiction Dispute Over the CFTC’s Authority
On the same day Americans for Fair Markets was established, the U.S. House of Representatives launched an investigation into Kalshi and Polymarket, involving how the two companies handle insider trading issues. On the regulatory framework, the CFTC claims it has sole federal jurisdiction over prediction market platforms, while states argue these platforms violate local gambling laws; this jurisdiction dispute has not been resolved as of the time of this report.
Taylor Budowich Appointment Background: Trump Family’s Contradictory Stance on Prediction Markets
When Taylor Budowich was appointed as an adviser to the group, Trump’s stance on prediction markets had been inconsistent. Last month, he said he was “very dissatisfied” with the use of precise betting on the Iran war through prediction markets, but a few days later he softened his position, saying that if the U.S. does not allow these platforms to exist, the U.S. would be “isolated.” Trump’s son, Don Jr., invested in Polymarket and joined its advisory committee, and he is also an adviser to Kalshi.
FAQ
How does Americans for Fair Markets differ from the Coalition for Prediction Markets?
Both are prediction market lobbying initiative organizations, but they operate independently. The Coalition for Prediction Markets was formed in December 2025, supported by Coinbase, Crypto.com, and Robinhood. Americans for Fair Markets is a new organization supported by Kalshi on May 23, 2026. The two plan to cooperate in broader lobbying efforts.
What does the House investigation into Kalshi and Polymarket involve?
The investigation concerns how Kalshi and Polymarket handle insider trading. The investigation was announced on the same day Americans for Fair Markets was founded, but the report did not specify the specific trigger for the investigation or the expected completion timeline.
What is the current status of the jurisdiction dispute between the CFTC and state regulatory bodies?
The CFTC claims it has sole federal jurisdiction over prediction market platforms, while states argue these platforms violate local gambling laws. As of this report, the dispute remains unresolved, and Americans for Fair Markets has explicitly stated its support for the CFTC’s federal regulatory framework.
