Advocacy report flags Kalshi and Polymarket political spending ahead of congressional probe
Advocacy group Demand Progress published a report on Tuesday, November 10, 2026, alleging that Kalshi and Polymarket have increased lobbying spending and Democratic hires to expand political influence. The report, titled Prediction Markets' Bet on Influence, comes as Congress is expected to probe betting markets. The article frames the activity against Kalshi's existing relationship with the Trump administration, which the headline describes as 'cozy.' The available text does not detail specific spending figures, hires, or regulatory targets.
The report lands exactly as Sen. Warren takes the Senate Banking Committee gavel and bipartisan scrutiny of prediction markets intensifies. Kalshi and Polymarket now face a three-front squeeze: Warren's subpoena power, active state gambling suits in Ohio, Tennessee, Louisiana, and Arkansas, and a CFTC pushing swap reclassification. The platforms' political spending becomes evidence in every venue. Congressional investigators can cite the hiring surge as proof the industry anticipates regulatory threat.
State attorneys general can frame it as an admission that federal registration is insufficient. The CFTC can treat it as support for stricter federal rules. Each front borrows ammunition from the others. The December 4 Utah felony arraignment of Kalshi's founders now sits beside lobbying reports and campaign contributions in a narrative Warren can shape at will. Operators must assume every hire and every dollar is discoverable.