Prediction market platform Kalshi has made a bold move by appointing 23-year-old crypto influencer John Wang as its new head of crypto, a hire that comes as the company battles regulatory pressure over political betting markets.

Kalshi CEO Tarek Mansour announced the appointment on Monday, praising Wang’s “high-quality thinking” and relentless work ethic. Wang, who dropped out of the University of Pennsylvania in 2024 to pursue crypto, previously worked at Paradigm and Immutable before co-founding blockchain security firm Armor Labs in 2022.

The timing of the hire is notable. Kalshi has been under the spotlight as U.S. lawmakers weigh Brian Quintenz’s nomination to lead the Commodity Futures Trading Commission (CFTC), the very agency that regulates Kalshi. The CFTC had launched an enforcement action against the platform in September 2024 under the Biden administration, only to later seek to drop the case under President Donald Trump.

Wang defended prediction markets, arguing they can reshape public engagement by making political, financial, and cultural events more interactive. Drawing on his experience tracking wagers during the 2024 U.S. presidential election, he said markets could offer a clearer picture of truth compared to biased punditry.

Kalshi’s user activity surged ahead of the 2024 elections despite legal challenges. A court ruling in October allowed the platform to continue offering political betting options just weeks before voters went to the polls.

Founded in 2021, Kalshi has rapidly grown into a multi-billion-dollar company. It raised $185 million in June at a $2 billion valuation and announced in April that it would accept Bitcoin deposits to attract crypto-native users. Wang’s appointment signals Kalshi’s ambition to strengthen its crypto presence even as political betting sparks controversy across Washington.