Crypto-Backed Super PACs in Focus as Lawmakers Push $5,000 Donation Cap

Kalshi has backed a new lobbying group for prediction markets called Americans for Fair Markets, which has tapped former deputy White House chief of staff Taylor Budowich as its strategic advisor.Kalshi said on Friday that the organization is positioning itself against sportsbooks and casinos, which it claims are “focused on protecting their monopolies and seeding lies about prediction markets to policymakers.”Americans for Fair Markets, which Kalshi said was launched with its support, would join a broader lobbying push that includes the Coalition for Prediction Markets, an advocacy group for prediction markets launched in December 2025, backed by Coinbase, Crypto.com, and Robinhood.Kalshi said the organization aims to shape federal policy on prediction markets and would run paid campaigns on what it claimed were “false narratives about prediction markets.”The launch of the group came on the same day that the US House launched a probe into Kalshi and its main rival, Polymarket, over how the companies were handling insider trading, as prediction markets come under increased scrutiny in the US and abroad. Budowich’s appointment as an advisor comes as US President Donald Trump has expressed mixed takes on prediction markets. Trump said last month that he was “not happy” with prediction markets over well-timed Iran war bets.However, Trump, whose son Donald Trump Jr. invested in Polymarket and joined the company’s advisory board and is an adviser to Kalshi, softened his stance days later, saying the US would “get left out in the cold” if it didn’t allow the platforms.Kalshi said that Americans for Fair Markets will support the Commodity Futures Trading Commission in regulating prediction markets. The CFTC and state regulators have faced off over competing claims for jurisdiction, with states claiming prediction markets are violating local gambling laws, while the CFTC has claimed sole jurisdiction over the platforms.Related: Kalshi valuation doubles to $22B after $1B funding roundAmericans for Fair Markets said it would also focus on backing federally regulated platforms with consumer protections such as know-your-customer requirements, insider trading bans and restrictions on markets tied to violence or terrorism.“We’re not going to be outspent or out-organized by entrenched interests protecting their monopolies,” John Bivona, Kalshi’s head of government relations who was appointed as a board member for the new lobby group. “Millions of Americans have shown they want regulated, open, and fair prediction markets — and we’re going to make sure they have access to them,” he added.Magazine: Polymarket seeks Japan entry, Harvard dumps entire ETH position: Hodler’s Digest