Kalshi launches lobbying group with former Trump aide

Kalshi, the federally regulated prediction market platform, has launched a new lobbying organization called Americans for Fair Markets, tapping Taylor Budowich, a former deputy White House chief of staff under President Donald Trump, as its strategic advisor. The group debuted on the same day that the House Oversight Committee announced investigations into insider trading at both Kalshi and its main rival, Polymarket.

Americans for Fair Markets is positioning itself against sportsbooks and casinos, which Kalshi says are spreading false narratives about prediction markets to protect their monopolies. John Bivona, Kalshi’s head of government relations and a board member of the new group, said the organization will not be outspent or outorganized by entrenched interests. The group plans to run paid and earned media campaigns to shape federal policy, and it will support consumer protections such as know your customer requirements, insider trading bans, and restrictions on contracts tied to violence, terrorism, or assassination.

The launch comes as prediction markets face intensifying scrutiny from lawmakers and regulators. House Oversight Committee Chair James Comer cited suspicious...