Trade group the Coalition for Prediction Markets (CPM) has announced changes to its senior leadership as regulatory pressure on prediction markets continues to build across the US.
The coalition, which advocates for unrestricted access to prediction markets operating under federal oversight, has named former US Rep. and Ambassador Sean Patrick Maloney (pictured left) as its new CEO and president.
Former Rep. Patrick McHenry, who served as the chair of the House Financial Services Committee from 2023 to 2025, will also join the group as senior advisor.
McHenry is also vice chairman of the advisory board for crypto firm Ondo Finance, a company focused on tokenising real-world assets like US Treasuries onto blockchains, according to Fortune.
Commenting on his new role, McHenry said: “As these markets continue to grow, it’s critical that both consumers and platforms have clear and consistent guidance. Over the past decade, I’ve been proud to lead the country’s approach to regulating innovative financial tools, and I look forward to supporting CPM as it paves the way ahead.”
The leadership appointments coincide with a period of rapid expansion for prediction markets, which are increasingly used to assess probabilities tied to economic trends, elections, and other real-world developments.
CPM was formed last December by Kalshi, together with other market operators, to promote a policy environment that reflects the sector’s growing footprint.
As state regulators intensify efforts to assert authority over markets traditionally overseen at the federal level, CPM has positioned itself as an advocate for regulatory consistency.
Maloney’s career spans legislative service, diplomacy, and executive roles in government. He represented New York’s 18th Congressional District for a decade and previously led the Democratic Congressional Campaign Committee.
His background also includes service as US Ambassador to the Organisation for Economic Co-operation and Development, where member nations coordinate policy across areas such as taxation, artificial intelligence, energy, and financial systems.
Significant access to the CFTC
While in Congress, Maloney chaired the Commodity Markets and Digital Assets Subcommittee linked to the Commodity Futures Trading Commission.
He also served on the House Intelligence Committee and sponsored dozens of laws that were ultimately enacted.
Beyond Capitol Hill, he held senior posts in New York state government and within the White House, before later working in the private sector as a technology entrepreneur and partner at international law firms.
In his new role, Maloney will direct CPM’s advocacy and policy engagement during a period when jurisdictional disputes are reshaping the regulatory landscape for prediction markets.
The coalition has indicated that his responsibilities will include promoting regulatory clarity, reinforcing consumer safeguards, and supporting transparent market operations.
CPM has described regulatory certainty as a key element in balancing innovation with accountability as participation in prediction markets broadens.
McHenry’s addition further strengthens CPM’s bipartisan profile.
He represented North Carolina’s 10th Congressional District for 20 years over 10 terms, and most recently served as chairman of the House Financial Services Committee during the 118th Congress.
His previous leadership roles included chief deputy whip of the House, chair of the Oversight and Investigations Subcommittee, and service as speaker pro tempore in 2023.
As senior advisor, McHenry will advise CPM on issues related to financial regulation, market structure, and interaction with federal policymakers.
His involvement reflects CPM’s broader effort to engage experienced lawmakers as it seeks to influence how prediction markets are governed amid increasing regulatory attention.