The Coalition for Prediction Markets (CPM) has brought in two former Members of Congress to add expertise in regulatory policy, financial markets and consumer protection to the newly formed industry group.

Former US Representative and Ambassador Sean Patrick Maloney has been appointed chief executive officer and president of CPM, while former US Representative Patrick McHenry will serve as senior advisor.

Maloney served as chair of the Democratic Congressional Campaign Committee and as the US Ambassador to the OECD. Prior to that, he represented New York’s 18th Congressional District for a decade, during which he chaired the Commodity Markets and Digital Assets Subcommittee of the Commodity Futures Trading Commission (CFTC), served on the House Intelligence Committee, and authored more than 40 laws. 

Maloney also served as White House Staff Secretary and New York’s First Deputy Secretary, and brings private-sector experience as a tech founder and partner at global law firms.

With prediction markets facing mounting efforts by state-level authorities to assert jurisdiction, Maloney will oversee CPM’s policy and advocacy efforts to reinforce a consistent federal framework and ensure prediction markets remain transparent, accessible and responsibly regulated.

“Prediction markets are proving to be one of the most effective tools we have for aggregating information and forecasting real-world outcomes,” said Maloney. “But that promise depends on clear rules, thoughtful oversight, and regulatory certainty. CPM exists to make sure policymakers get this right, and I’m excited to help lead that effort.”

Chairman McHenry served for twenty years across ten terms in the United States Congress as the representative for North Carolina’s 10th Congressional District. 

In the 118th Congress, he was elected chairman of the House Financial Services Committee, a committee he served on throughout his time in Congress. His previous roles include Chief Deputy Whip of the House of Representatives and Chairman of the House Financial Services Committee’s Oversight and Investigations Subcommittee. In 2023, he also served as Speaker pro tempore of the House of Representatives.

As senior advisor, Chairman McHenry will provide strategic guidance on financial regulation, market structure, and engagement with federal policymakers, supporting CPM’s mission to advance clear, consistent rules that promote transparency and protect consumers.

“Prediction markets have long operated within a federal regulatory framework designed to promote transparency and protect consumers,” said Chairman McHenry. “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 industry group has been formed by Kalshi, Crypto.com, Coinbase, Robinhood and Underdog.