Published on: January 13, 2026, 01:29h.
Updated on: January 13, 2026, 01:38h.
- Democrat Patrick Maloney appointed as CEO and President
- Republican Patrick McHenry joins as Senior Advisor
The Coalition for Prediction Markets (CPM), a newly established lobbying organization for the emerging prediction market sector, announced on Tuesday that two ex-congressional representatives are joining its leadership team.
Sean Patrick Maloney, a Democrat from New York who represented his state in Congress for a decade, will take on the role of CEO and President at CPM. In a move reflecting the organization’s bipartisan intent, Patrick McHenry, a Republican from North Carolina with two decades of congressional experience, will serve as a senior advisor.
Maloney takes the helm at CPM during critical times as prediction markets encounter increased scrutiny from state officials trying to affirm jurisdiction over markets traditionally regulated federally. As CEO and President, he will lead CPM’s policy initiatives to establish a cohesive federal framework and guarantee that prediction markets are transparent, accessible, and effectively regulated, as stated by the advocacy group.
The coalition was launched last month with the support of Crypto.com and Kalshi. Additional members include Coinbase Global (NASDAQ: COIN), Robinhood Markets (NASDAQ: HOOD), and Underdog.
Strategic Appointments at a Pivotal Moment
The introduction of Maloney and McHenry into the coalition comes at a salient juncture for the fledgling industry, which is under growing pressure from regulators.
The American Gaming Association (AGA) and the Indian Gaming Association (IGA) are advocating for Congress to enhance oversight of sports event contracts, which have become significant in driving activity for yes/no exchanges, citing concerns that these derivatives challenge state and tribal gaming regulations.
If Congress layers new regulations, the experience of Maloney and McHenry could prove indispensable, given their relevant backgrounds in prediction markets. Previously, Maloney chaired the Commodity Markets and Digital Assets Subcommittee of the Commodity Futures Trading Commission (CFTC), which supervises firms like Kalshi and Polymarket.
McHenry has led the Financial Services Committee’s Oversight and Investigations Subcommittee and serves as a senior advisor at investment bank Lazard.
The Importance of Bipartisanship
The emerging prediction markets sector seems aware of the necessity for bipartisan engagement. This need is further emphasized by Donald Trump Jr. serving as an advisor to both Kalshi and Polymarket—the major players in the field—stirring unverified speculation of a Republican leaning industry. Trump Jr.’s venture capital firm is also an investor in Polymarket.
Various financial supporters of prediction market entities, including several Bay Area venture capital firms, lean towards progressivism. Notably, Kalshi’s primary legal representation is a significant contributor to Democratic candidates and committees.
This indicates that the prediction markets sector, at least through the lens of CPM, appears to recognize that engaging in partisan politics is unlikely to yield favorable outcomes, and the appointments of Maloney and McHenry exemplify this understanding.