Bipartisan Push for Prediction Markets as Ex-Lawmakers Join Industry Advocacy
The Coalition for Prediction Markets (CPM) has hired two former US lawmakers to lead its advocacy efforts. Sean Patrick Maloney, a Democrat from New York, will serve as President and CEO, while Republican Patrick McHenry of North Carolina joins as a senior advisor. Their appointments come as the industry faces growing scrutiny and regulatory challenges in the stock market today.
Maloney previously led the Commodity Markets and Digital Assets Subcommittee of the Commodity Futures Trading Commission (CFTC). McHenry, meanwhile, chaired the Oversight and Investigations Subcommittee under the Financial Services Committee. Both bring experience in financial regulation to their new roles in the stock market.
The CPM’s move follows calls from groups like the American Gaming Association (AGA) and the Indian Gaming Association (IGA) for stronger congressional oversight of sports event contracts in prediction markets. These markets, still in their early stages, are under pressure from state-level attempts to claim jurisdiction over areas traditionally managed by federal law. The industry has also drawn attention due to high-profile figures like Donald Trump Jr., who advises major platforms such as Kalshi and Polymarket. Yet its financial backers span the political spectrum, including left-leaning venture capital firms. By appointing leaders from both parties, the CPM appears to be positioning itself as a bipartisan voice to avoid partisan divisions. Maloney will now direct the CPM’s policy and advocacy work, aiming to secure a stable federal framework for prediction markets. His leadership arrives at a pivotal moment for the sector as it navigates regulatory uncertainty and increasing public interest.
With Maloney and McHenry on board, the CPM is strengthening its push for clearer federal rules. The appointments signal an effort to unify industry stakeholders and lawmakers around a consistent regulatory approach. How Congress responds could shape the future of prediction markets in the US.
Read also:
- American teenagers taking up farming roles previously filled by immigrants, a concept revisited from 1965's labor market shift.
- Weekly affairs in the German Federal Parliament (Bundestag)
- Landslide claims seven lives, injures six individuals while they work to restore a water channel in the northern region of Pakistan
- Escalating conflict in Sudan has prompted the United Nations to announce a critical gender crisis, highlighting the disproportionate impact of the ongoing violence on women and girls.
