Kalshi ended Donald Trump Jr.’s adviser contract Thursday, two days after Senators Elizabeth Warren and Jeff Merkley publicly flagged his financial ties to prediction markets. The US-regulated prediction-market platform gave no reason for the exit, according to BeInCrypto.

Trump Jr. received about $300,000 in shares when Kalshi was valued at under $2 billion. The company later raised funds at a $22 billion valuation and held talks near $40 billion; initial reports did not say whether he still owns the shares. On Nov. 10, Warren and Jeff Merkley pressed the White House over a former staffer’s Kalshi bets. In August, the CFTC fined former teleprompter operator Gabriel Perez $172,000, saying he traded on the wording of a Trump speech before its delivery. Kalshi helped with the probe, and the senators want White House answers by Nov. 23.

Trump Jr. remains an adviser to rival Polymarket. He joined its advisory board in August 2025, when his firm 1789 Capital invested; BeInCrypto previously reported he profits from both sides of the rivalry. His Kalshi role began with praise for its 2024 election-night call. The Financial Times reported Kalshi received a light regulatory touch under Trump appointees. In May 2025, the CFTC dropped its appeal against Kalshi’s election contracts and has since sued states over their gambling laws.