Lynnae is a journalist covering the intersection of technology, culture, and gambling. She has more than five years of experience as a writer and editor, with bylines at SlashGear and MakeUseOf. On the iGaming side,...
Read Full BioThe Coalition for Prediction Markets (CPM) announced on Tuesday that it has named former U.S. Representative Sean Patrick Maloney as its CEO and President. The coalition also appointed former U.S. Representative Patrick McHenry as a senior advisor.
CPM launched in December 2025, with five founding members: Kalshi, Crypto.com, Underdog, Coinbase, and Robinhood. The industry-backed effort advocates for a consistent federal framework for prediction markets, as disputes over the legality of sports contracts are increasingly being played out in courtrooms and through state enforcement actions.
Maloney & McHenry Bring Capitol Hill Experience
In the press release announcing the appointees, the CPM described Maloney and McHenry as bringing “deep bipartisan experience shaping U.S. financial policy, strengthening consumer protections, and advancing responsible innovation” to their new positions.
The coalition expects them to help bolster its policy and advocacy work as prediction markets become more mainstream, a trend that has been seen in high-profile media integrations, such as Kalshi’s partnerships with CNN and CNBC.
Maloney, a Democrat from New York, has experience that includes chairing the Commodity Markets and Digital Assets Subcommittee of the Commodity Futures Trading Commission and serving as U.S. ambassador to the Organization for Economic Cooperation and Development.
In describing Maloney’s role, the CPM wrote, “As CEO and President, he will oversee CPM’s policy and advocacy efforts to reinforce a consistent federal framework and ensure prediction markets remain transparent, accessible, and responsibly regulated.”
McHenry is a Republican from North Carolina who previously chaired the House Financial Services Committee and served as Speaker pro tempore of the House of Representatives in 2023.
“As Senior Advisor, Chairman McHenry will provide strategic guidance on financial regulation, market structure, and engagement with federal policymakers, supporting CPM’s mission to advance clear, consistent rules that promote transparency and protect consumers,” the CPM says.
CPM Argues for Federal Oversight
The coalition has come together at a time when prediction market operators and state gaming regulators are increasingly clashing over jurisdiction, especially around sports-related contracts.
Its stated goal is to “defend against state-level overreach, including issues tied to sports, elections, and financial and economic indicators, and advance clear, consistent standards for integrity and transparency,” according to the press release announcing the group’s formation.
Issues on CPM’s agenda include promoting nationwide integrity standards and “guardrails” aimed at preventing insider trading and market manipulation, while “reinforcing” what it says is a “federal framework governing prediction markets.”
With Maloney running day-to-day operations and McHenry advising on strategy, it certainly appears CPM is planning to make its case more directly in Washington, backed by leadership with experience on the Hill who know how to navigate committee politics and federal financial regulation.
