Prediction market advocacy organization AFM, supported by Kalshi, officially established, with former Trump aide joining as strategic advisor

BlockBeats News, on May 23, Kalshi-backed prediction market advocacy organization Americans for Fair Markets (AFM) was officially established, with former White House Deputy Chief of Staff Taylor Budowich serving as the organization's strategic advisor.

AFM stated that it will promote a federal-level regulatory framework for prediction markets and oppose restrictions on the prediction market industry by traditional gambling and related interest groups. Kalshi Head of Government Relations John Bivona said, "Millions of Americans have already indicated that they want regulated, open, and fair prediction markets."

As the prediction market industry grows rapidly, disputes over regulatory authority between U.S. federal and state regulators continue to escalate. Meanwhile, the U.S. Congress has recently launched an insider trading investigation into Kalshi and Polymarket. AFM stated that it will support a ban on insider trading and oppose markets related to war, terrorism, death, or assassination.