The CFTC has cleared a regulatory path for U.S. stock perpetuals, but trading still depends on exchange requirements and SEC review. The leveraged derivatives have no expiry—but they aren’t shares, and the approval doesn’t erase their risks.
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Utah has charged Kalshi and its co-founders over sports contracts prosecutors call illegal gambling. Kalshi says the contracts are federally regulated derivatives, setting up a legal fight over whether federal oversight can preempt state gambling laws.
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A reported CFTC-DOJ lawsuit against Utah could widen the fight over Kalshi’s prediction markets, but no filing has been verified. Meanwhile, Utah and Kalshi are battling over whether federal commodities law limits the state’s gambling rules.
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Phantom is bringing Kalshi prediction markets to eligible U.S. users, with listed fees of two cents per contract plus a variable network charge. Trading still requires Kalshi verification, and users should understand how funds, liquidity and state-level legal uncertainty affect access.
Read Full ArticleWebull is reportedly planning U.S. access to Kalshi Bitcoin perpetual futures, but the launch date, eligibility rules and contract terms remain unverified. The proposed product would offer leveraged price exposure—not Bitcoin ownership—and could carry funding, margin and liquidation risks.
Read Full ArticleUtah is suing Kalshi, alleging its event contracts violated state gambling laws and citing more than $3 billion in wager volume and up to $61.2 million in estimated fees. Kalshi says federal derivatives rules apply; the court has yet to decide the dispute.
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Taiwan has authorized domestic access restrictions on Coinbase and Kalshi while investigators examine suspected election-betting violations. The companies have not been found guilty, and officials have not disclosed what activity prompted the probe.
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Kalshi is reportedly closing in on a roughly $1 billion round at a $40 billion valuation, with an IPO possibly next year. The prediction-market platform’s surge is being fueled by big trading volumes and sports contracts—but the size of the bet is raising plenty of eyebrows.
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Senate Democrats are pushing for a public hearing on Kalshi and Polymarket as prediction markets rack up huge trading volume, draw regulatory scrutiny, and raise fresh concerns about consumer protection, manipulation, and whether some contracts belong under SEC rules.
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Kalshi is facing wash-trading accusations after an X user flagged ETH-PERP volume that looked wildly out of sync with open interest. Kalshi says the numbers were misread, likely mixing prediction-market contracts with perpetual futures, while rebate incentives keep the scrutiny alive.
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