Kalshi drops Trump Jr. as adviser over Polymarket stake
Louisiana just became the 13th state to file an enforcement action against prediction market platforms.
The hit
Kalshi has ended Donald Trump Jr.’s contract as an adviser, according to a Reuters report. The split follows his venture capital firm, 1789 Capital, increasing its stake in rival platform Polymarket. A Kalshi spokesperson said both sides mutually agreed to the decision.
Why it matters
The exit removes a high-profile tie between Kalshi & the Trump family just as prediction markets face mounting legal heat. Kalshi said the decision came after 1789 Capital increased its Polymarket stake.
The record
| Trump Jr. joined Kalshi as adviser | January 2025 |
|---|---|
| 1789 Capital first invested in Polymarket | August 2025 (Trump Jr. joined Polymarket’s advisory board) |
| Talks on Kalshi exit began | Summer, after 1789 Capital led Polymarket’s latest funding round |
| Separate legal action | Utah has sued Kalshi & filed criminal charges |
What happens next
Watch for Supreme Court involvement, with filings from New Jersey & Robinhood already pending, plus the outcome of Louisiana’s push for a restraining order & injunction against Kalshi & Polymarket.
Sources: Kalshi Ends Advisory Deal With Donald Trump Jr. Over Polymarket Conflict of Interest
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