Overview
- Kalshi unveiled Americans for Fair Markets on Friday to press lawmakers on Capitol Hill and counter casino‑backed messaging that seeks tighter limits on prediction markets.
- The group named Taylor Budowich as a strategic advisor, signaling Kalshi’s move to hire experienced Republican operatives and scale campaign‑style lobbying efforts.
- House Oversight Committee Chair James Comer announced on Friday that he is opening probes into suspicious trades on Kalshi and rival Polymarket focused on potential insider trading.
- Casino and sportsbook interests, organized through the American Gaming Association and the FairPredicts ad campaign, argue the platforms operate like backdoor sports betting while Kalshi says federal oversight through the CFTC would boost consumer protections.
- The fight has high stakes for millions of U.S. users and institutional traders because pending CFTC rulemaking and the bipartisan Gillibrand‑McCormick bill could determine whether these markets stay onshore with identity checks and surveillance or are pushed offshore without safeguards.