Kalshi Cuts Ties With Donald Trump Jr. After Senator Scrutiny

Kalshi has terminated its advisory contract with Donald Trump Jr., a company representative confirmed to Reuters on Thursday. The move came two days after two US senators publicly highlighted his financial connections to prediction markets.

The US-regulated platform, which allows trading on real-world events, did not disclose a reason. However, the equity underlying the position now sits within a significantly larger entity.

Why Senators Were Asking About Trump Jr.

Trump Jr. received roughly $300,000 in shares when Kalshi was valued at under $2 billion. The startup later raised funds at a $22 billion valuation and held discussions near $40 billion. Initial coverage did not clarify whether he retains the shares.

On Nov. 10, Senators Elizabeth Warren and Jeff Merkley questioned the White House about bets placed by a former staffer on Kalshi.

In August, the Commodity Futures Trading Commission (CFTC), the federal regulator overseeing these markets, imposed a $172,000 fine on ex-teleprompter operator Gabriel Perez. The agency stated he traded on Trump's speech content before it was delivered. Kalshi assisted with the investigation.

The senators then shifted their focus to the president's relatives.

“Donald Trump Jr. has held advisory roles and financial interests connected to prediction-market platforms, raising questions about the need for strong ethics safeguards and confidence in impartial federal oversight,” Senator Warren wrote.

They have requested responses from the White House by Nov. 23.

Is Trump Jr. Leaving Prediction Markets Altogether?

No. He continues to advise Polymarket, Kalshi's primary competitor. He joined that platform's advisory board in August 2025, following an investment by his firm 1789 Capital. BeInCrypto previously reported that he benefits from both sides of the competition.

His position with Kalshi began with praise for the platform's election-night call in 2024.

“…my family and close friends used the prediction market Kalshi to know we won hours ahead of the fake news media.”

The Financial Times noted a lenient regulatory approach toward Kalshi under Trump appointees. In May 2025, the CFTC withdrew its challenge against Kalshi's election contracts. The agency has since sued states regarding their gambling laws.

With Kalshi exiting, his Polymarket role remains intact as the Nov. 23 deadline approaches.