Kalshi has appointed Sudhir Jain as its chief compliance officer. Jain will also lead regulatory affairs for the largest U.S. prediction market at a time when lawmakers in Washington, D.C. are calling for tighter rules around the booming industry.

Jain previously spent five years leading a team of examiners at the National Futures Association, the self-regulatory organization of the derivatives industry. After that, he was recruited by Paul Atkins, the current chair of the Securities and Exchange Commission, to join Atkins’ risk-management consultancy Patomak Global Partners.

Now that it’s established a strong base of retail customers, Kalshi has set its sights on large financial institutions interested in things like block trades and margin trading. That high level of institutional trading invites greater compliance benchmarks.

Kalshi is the first prediction market licensed to operate by the Commodity Futures Trading Commission, which regulates the event contracts on prediction markets. That means the firm is operating without the history surrounding other types of exchanges.