TechFlow News, May 25: According to Cointelegraph, Kalshi has backed the establishment of the U.S. Fair Markets Organization—a lobbying group for prediction markets—and invited former White House Deputy Chief of Staff Taylor Budowich to serve as its strategic advisor. The organization states it will advance federal-level policy development for prediction markets and support regulatory oversight of prediction markets by the U.S. Commodity Futures Trading Commission (CFTC).
The report notes that on the same day, the U.S. House of Representatives launched an investigation into Kalshi and Polymarket, focusing primarily on how the two companies handle insider trading. The organization also stated it will support federally regulated platforms implementing KYC procedures, prohibiting insider trading, and restricting markets related to violence or terrorism.
