Donald Trump Jr. and Kalshi mutually agreed to end his advisory role after his firm, 1789 Capital, made a significant investment in rival prediction market Polymarket, according to a Kalshi spokesperson. He remains a Polymarket adviser, and his firm retains its investment there. Kalshi had described his role as focused on marketing rather than regulatory affairs.
The departure followed Democrats’ win of both chambers of Congress in the Nov. 3 midterm elections. Democratic lawmakers have raised questions about Trump Jr.’s ties to prediction markets, but investigations into the Trump family’s businesses remain a prospect, not a completed action. Separately, state regulators are challenging sports-related prediction contracts under gambling laws, while federal regulators have generally supported federal oversight of the markets.
