Managing Principal Lisa Pinheiro Featured in Wall Street Journal Article on Committee Working to Improve Safeguards for Prediction Market Kalshi

June 10, 2026

Analysis Group Managing Principal Lisa Pinheiro is serving on the Independent Market Integrity Committee engaged by the prediction market Kalshi to help strengthen its market integrity safeguards. The committee, which was formed as part of an expansion of Kalshi’s surveillance and enforcement framework, is tasked with providing independent scrutiny of Kalshi activity in order to guard against market manipulation, insider trading, and attempted fraud.

According to an article in The Wall Street Journal, the committee has recommended tighter security measures to address the risk that users may trade in certain event markets based on material nonpublic information. Kalshi plans to require users participating in some sensitive markets, including those related to company performance and national security, to disclose their employers, with the goal of improving surveillance, supporting investigations of suspicious activity, and deterring potential misuse.

The Independent Market Integrity Committee brings together expertise in financial crime enforcement, forensic analytics, and financial economics. Its members include Brian Nelson, former US Treasury Under Secretary for Terrorism and Financial Intelligence and a partner at Cooley LLP; Daniel Taylor, director of the Wharton Forensic Analytics Lab and a professor at The Wharton School of the University of Pennsylvania; and Ms. Pinheiro, an expert in quantitative financial economics and market manipulation analytics.

Read more in The Wall Street Journal