Donald Trump Jr. has joined Kalshi, a CFTC-regulated peer-to-peer wagering exchange, as a strategic adviser. The platform allows users to bet on various outcomes, from elections to weather forecasts.

Trump Jr.'s appointment comes after Kalshi's successful prediction of the 2024 presidential election, where its users gave Donald Trump a 60% chance of winning despite pollsters calling it a close race. He cited the platform's accurate forecasting ability as a key reason for accepting the advisory role.

Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi received its CFTC license in November 2020 and launched in July 2021. The platform's name means "everything" in Arabic.

The appointment strengthens Kalshi's regulatory position, particularly as it faces ongoing challenges with the CFTC regarding election betting markets. While the CFTC initially ordered Kalshi to withdraw its political markets in October 2022, the company won a significant legal victory when a federal judge ruled against the CFTC's mandate. The agency is currently appealing this decision.

With CFTC Chair Rostin Behnam's upcoming departure and the incoming Trump administration's deregulation agenda, Kalshi's prospects for maintaining its election markets appear more favorable. The platform also competes with Polymarket, a cryptocurrency wagering exchange that paid a $1.4 million CFTC fine in 2022 for unauthorized operations.

Polymarket has its own DC connection through adviser Christopher Giancarlo, former CFTC chair during the first Trump administration, known as "Crypto Dad" for his role in approving initial bitcoin futures products.

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