# Coalition for Prediction Markets The **Coalition for Prediction Markets (CPM)** is the prediction-market industry's trade and lobbying group, launched **December 11, 2025** by [[Kalshi]], [[Crypto.com]], [[Coinbase]], [[Robinhood]] and [[Underdog Fantasy]]. Its job is to keep sports event contracts under the federal [[CFTC]] and out of reach of state gambling law. Its stated priorities are "reinforcing the federal regulatory framework," nationwide integrity standards, and "defending against state-level regulatory overreach." **[[Polymarket]] is not a member.** CPM's CEO said in March 2026 that Polymarket had not "bought into the same values and standards that we have" (Roll Call). ## The roster: a bipartisan revolving door | Person | Role at CPM | Before | |---|---|---| | [[Sean Patrick Maloney]] (D) | President and CEO (from January 2026) | Ten years in the House (New York); DCCC chair for the 2022 cycle; Biden's ambassador to the OECD | | [[Patrick McHenry]] (R) | Senior adviser (from January 2026) | Twenty years in the House (North Carolina); chairman of the House Financial Services Committee | | [[Brian Quintenz]] | Senior adviser (from July 2026) | CFTC commissioner; Kalshi board member; Trump's withdrawn nominee for CFTC chair | | Matt David | Executive board | Crypto.com's chief corporate affairs officer; formerly a Juul spokesman (The New Republic) | | Sara Slane | Executive board | Kalshi's head of corporate development; nearly two decades in gambling advocacy, including the [[American Gaming Association]] and MGM (The New Republic) | | Faryar Shirzad | Executive board | Coinbase chief policy officer | **The Maloney pledge.** In February 2024, to win Senate confirmation as OECD ambassador, Maloney pledged not to take employment or compensation from any crypto company or organization for four years after leaving the post. In January 2026 he became CEO of a lobbying group funded by Coinbase and Crypto.com. The American Prospect argues that breaks the pledge; the group is structured as an industry association rather than a crypto company. ## The pitch Maloney's line separates trading from gambling: "When you gamble, you're going in to bet against the casino, and the casino wins when you lose. When you trade on a financial exchange, you have a counterparty, a buyer and a seller for every transaction" (Forbes). The courts have not been persuaded. Two federal appeals courts have now held that Kalshi's sports contracts are not swaps at all (see [[KalshiEX v. Flaherty]]). The New Republic reported that the group circulates a claim that "70%+ of voters" support its regulatory position, while an independent Ipsos poll found 61% of Americans see prediction markets as gambling. ## The opposing lobby The casino industry's [[American Gaming Association]] is CPM's main opponent. It calls prediction markets "backdoor sports betting" and estimates they have cost states and tribes more than $1 billion in taxes. ## Money The group has not disclosed its budget. Kalshi alone spent **$615,000** on federal lobbying in 2025 (OpenSecrets, via Forbes). ## See also - [[Kalshi]] · [[Crypto.com]] · [[Coinbase]] · [[Robinhood]] · [[Polymarket]] - [[Sean Patrick Maloney]] · [[Patrick McHenry]] · [[Brian Quintenz]] · [[Tarek Mansour]] · [[Underdog Fantasy]] - [[American Gaming Association]] - [[Prediction Markets]] · [[Sports Betting]] · [[Revolving Door]] · [[Prediction Markets and Gambling Sector]]