iiinova — where your digital self keeps evolving

Kalshi outspent its entire 2025 lobbying sum in the first half of 2026, bringing it to over two dozen federal lobbyists, and launched a D.C. ad campaign touting its regulation. CFTC chair Michael Selig formerly worked as counsel at VC firm Paradigm and championed the industry vs. the Biden admin.

photo of CFTC Chairman Michael S. Selig on official website. Selig formerly worked as outside counsel at VC firm Paradigm and wrote a 2024 letter defending the prediction market industry's preferred regulatory framework.

100

Kalshi brought on Donald Trump Jr. as a strategic adviser in January 2025. He received an equity stake when the company was worth ~$2B. Months later, it raised at a valuation of $22B; its current valuation could be $42B. Kalshi is now asking the CFTC to allow "margin trading" with borrowed funds.

graf from Sludge article reading: "Kalshi’s application to the CFTC will be considered while Donald Trump Jr. serves as a strategic adviser, a role announced in January 2025 that came with an equity stake then valued at $300,000 in the company. At the time, Kalshi had a valuation of under $2 billion, but it quickly ballooned: in May, it announced a $1 billion funding round at a valuation of $22 billion."

According to the New York Times, in March, the president’s son weighed in on the regulatory schism at a closed-door conference of Republican attorneys general, where he described prediction markets as robustly regulated at the federal level. In response to reports on Trump Jr.’s remarks to the GOP prosecutors, Kalshi wrote in a blog post last month: “He’s a fan of the industry and has his own views. He provides advice on marketing strategy, but he does not advise on regulatory matters.”

report: https://readsludge.com/2026/09/28/trumps-cftc-is-suing-states-for-kalshi-and-polymarket-backed-by-trump-jr/

100

In a bipartisan influence play, Kalshi launched the Coalition for Prediction Markets, which pushes against states' efforts to regulate sports betting. Also w/ crypto firms. Led by former Reps. Sean Patrick Maloney (D-NY), former DCCC chair, and Patrick McHenry (R-NC), former chair of House FinServ.

photos of leaders of Coalition for Prediction Markets: former Reps. Sean Patrick Maloney (D) and Patrick McHenry (R), as well as a board of directors consisting of Kalshi's Sara Slane and Crypto-dot-com's Matt David

100

Cindy Brown and Libby Greer were among the lobbyists at FTP (Forbes-Tate Partners) hired by Kalshi this summer. The two are board members of the "dark money" group Center Forward, which spends to back corporate-backed centrists and sponsors junkets for congressional staffers developing legislation.

photo of Cindy Brown, Kalshi lobbyist with FTP (Forbes-Tate Partners) and board member of the "dark money" centrist group Center Forward, whose known funders include corporate lobbying groups like PhRMA

photo of Libby Greer, Kalshi lobbyist with FTP (Forbes-Tate Partners) and board member of the "dark money" centrist group Center Forward, whose known funders include corporate lobbying groups like PhRMA

Brian Quintenz, a former majority commissioner of the CFTC during the first Trump admin, has served as a Kalshi board member since 2021. During his four-year tenure, Kalshi's operations were approved. He was nominated by Trump to lead the agency last year, but it was withdrawn.

photo of Brian Quintenz on the Milken Institute's site. A member of Kalshi's board of directors, he was formerly a CFTC commissioner during the first Trump admin.

100

Caren B. Street of Squire Patton Boggs was among the revolving-door lobbyists hired by Kalshi this year. A chief of staff to former Rep. Karen Bass, she was executive director of the Congressional Black Caucus. Prediction markets are amid lawsuits in at least 20 states; CFTC has sued at least nine.

photo of Caren B. Street, of Squire Patton Boggs, a Kalshi lobbyist and former E.D. of the Congressional Black Caucus

Two of Sen. Chuck Schumer's legislative directors were hired to lobby for Kalshi early this year: Heather McHugh, also former DCCC staff, and Meghan Taira with the Democratic firm Resolution Public Affiars. The pair have been lobbying the Senate on event contract regulations. Bills are now stalled.

photo of Heather McHugh, lobbyist for Kalshi with Resolution Public Affairs, former Sen. Schumer legislative director

photo of Meghan Taira, lobbyist for Kalshi, wth Resolution Public Affairs; she is a former legislative director for Sen. Chuck Schumer

100

Jeff Miller, Republican super-lobbyist and Trump campaign fundraiser, was hired by Kalshi to lobby in February. Kalshi is pushing for sole oversight by the industry-friendly CFTC, which currently has just one commissioner of five, Trump-appointed Chair Michael Selig. Selig has claimed jurisdiction.

photo of federal lobbyist Jeff Miller, CEO of Miller Strategies. He's also a Trump campaign fundraiser and Trump inauguration finance chair.

100

On the GOP side, Kalshi hired Tony Hanagan this year as head of congressional affairs. He previously worked as a Senate Republican cloakroom staffer for 12 years. In July, 44 state AGs sent a letter to the CFTC opposing its claim to have exclusive jurisdiction over the markets, seeking to enforce.

screngrab of Tony Hanagan's X account—he works as Kalshi's head of congressional affairs and is a former Senate Republican cloakroom staffer.

screngrab of Tony Hanagan's LinkedIn post this year—he works as Kalshi's head of congressional affairs and is a former Senate Republican cloakroom staffer.

100

Stephanie Cutter was hired by Kalshi in April as policy adviser, and to build support on the Democratic side. Founder of consulting firm Precision Strategies, whose other clients include crypto industry group Stand With Crypto, Cutter helped manage Kamala Harris' 2024 campaign.

photo of Stephanie Cutter, Democratic strategist and Kalshi adviser, on Precision Public Affairs website

100

John Bivona was hired by Kalshi in January as its first head of government relations, setting up its D.C. office. He was the Biden admin's White House liaison at DHS and a former DCCC deputy political director. Kalshi is suing states, arguing AGs can't regulate its operations, only the CFTC.

photo of John Bivona, former Biden admin official, at Intersection Government Relations. He's now Kalshi's first head of government relations.

121

NEW: Kalshi and Polymarket are fighting states over authority to regulate their billions of dollars in sports betting as gambling. Donald Trump Jr. has large stakes in both. The companies have been loading up with revolving-door hires from both sides of the aisle... 🧵

Sludge headline, "Trump's CFTC Is Suing States for Kalshi and Polymarket, Backed by Trump Jr." : https://readsludge.com/2026/09/28/trumps-cftc-is-suing-states-for-kalshi-and-polymarket-backed-by-trump-jr/

153

Wes Moore worked as an investment banker at Citigroup from 2007–2012, becoming a vice president. Moore would not comment to Sludge on whether he was one of the bank executives who accepted a bonus during the financial crisis of 2008, after Citi needed a massive taxpayer bailout that reached ~$517B.

screengrab from Sludge news article (06-02-26) on Gov. Wes Moore's CNBC appearance discussing former FTC Chair Lina Khan, whose antitrust posture would challenge the big banks like Citi, the one for which Moore worked.

Section titled: Antitrust Enforcement in the Crosshairs

Moore suggested in an August 2024 CNBC appearance that a Kamala Harris administration would move away from the regulatory approach championed by Lina Khan, who had reinvigorated antitrust enforcement at the FTC and elsewhere across the federal government. Moore, a close ally of Harris, was asked by journalist Andrew Ross Sorkin about moving away from Khan, as “there have been a lot of calls from the donor class” to try to have “a different type of regulatory regime that might be more open to transactions and dealmaking.”

“Do you think that we are going to hear about a shift in terms of her regulatory views, and do they really differ from President Biden,” Sorkin asked.

"I think we will, and I think we have to,” Moore replied. He said that a Harris administration would, in addition to supporting small businesses, be “also making it easier for our large industries to be able to compete.” He went on, “As the vice president is thinking about a future-facing administration, there are going to be different dynamics that are going to require different philosophies.”

Moore’s comments on Harris’ antitrust posture came at a key juncture in the election year, with billionaires like Reid Hoffman and CEO Aaron Levie of Box agitating in the media for a Harris administration to turf Khan out and stand down scrutiny of corporate concentration. Moderate Sen. Jacky Rosen, who won re-election that cycle in Nevada, was among the Democrats who went in the other direction and publicly embraced Khan’s views on regulating corporate power, and House Judiciary Committee ranking member Jerrold Nadler (N.Y.) praised the $430 million that Khan’s FTC returned to consumers.

050

In 2024, Moore—a former Citi executive—declined to answer follow-up Q's about Khan's tenure. When we asked about antitrust policy earlier this year, @govwesmoore.bsky.social's spokesperson would not comment. Sludge asked this week if Moore agreed with Hoffman now, and did not receive a response.

screengrab of Gov. Wes Moore's CNBC appearance August 2024 discussing Lina Khan and antitrust policy, in the wake of calls from billionaire Reid Hoffman for Khan to be fired from Biden's FTC.

https://readsludge.com/2026/06/02/wes-moore-wont-say-if-he-took-a-citigroup-bonus-after-the-bailout-2/

At a Politico event in D.C. on AI and tech policy, Dem megadonor Reid Hoffman was asked if he would oppose a role for Lina Khan at the FTC in a future administration (after previously calling for her to be fired), and he said, "Certainly not." It was taken as a significant shift in Hoffman's views.

screengrab of X post from 09-16-26 at 11:24am from Cat Zakrzewski, Washington Post White House reporter, relating a Politico event exchange where Reid Hoffman was asked if he would object to a future Democratic presidential nominee reinstalling Lina Khan at the FTC. Hoffman's response to whether he would obejct was "Certainly not," signaling a shift from his calls in 2024 for Khan to be fired.