From underground to the stage, Kalshi has wrapped itself in a layer of compliance armor using AFM — the question is whether the regulatory framework can keep up with innovation.

The advocacy organization for prediction markets supported by Kalshi, Americans for Fair Markets (AFM), has been officially established, with former White House Deputy Chief of Staff Taylor Budowich serving as strategic advisor. AFM will promote federal regulatory frameworks, oppose restrictions on traditional betting, and advocate for insider trading bans, opposing markets involving war, terrorism, death, or assassination. Congress has launched an investigation into Kalshi and Polymarket regarding insider trading.