Derivative Exchanges Urge CFTC To Deny Kalshi’s Request To Offer Oil Perpetuals
Highlights
- The Commodity Markets Council has asked the CFTC to block Kalshi's bid to offer oil perpetuals.
- The prediction markets platform already offers oil futures.
- The group has also asked the regulator to block a loophole that gives retail traders access to offshore platforms.
The Commodity Markets Council (CMC), which represents derivative exchanges such as the CME Group, is pushing for the Commodity Futures Trading Commission (CFTC) to deny Kalshi’s request to offer perpetual crude oil contracts. The group is also seeking to block retail traders from gaining access to offshore derivatives platforms.
CMC Push For CFTC To Block Kalshi’s Proposed Oil Perpetuals
According to a Bloomberg report, the group of commodity exchanges has urged the CFTC to block Kalshi’s proposed plan to offer perpetual crude oil futures. The CMC argues that these perpetual contracts pose risks to market integrity.
This move follows the filing from the top prediction markets platform earlier this week in which it sought the regulator’s approval to offer WTI perpetuals. It is worth noting that Kalshi already offers WTI futures that trade on weekdays, which it launched earlier this month.
A potential approval of the WTI perpetuals would add to a growing list of perpetual contracts that the prediction market platform offers. Earlier this month, Kalshi launched its US 500 perpetual futures contract.
Meanwhile, the platform also offers crypto perpetuals including Bitcoin, Ethereum, XRP, and HYPE. It also offers CFTC-regulated gold and silver perpetuals.
CMC Asks CFTC To Block Access To Offshore Platforms
CMC also asked the CFTC to work with regulators to block U.S. retail traders from accessing offshore derivatives platforms via VPNs. This comes as offshore crypto platforms like Hyperliquid continue to enjoy massive adoption.
Hyperliquid, in particular, notably offers perpetual TradFi markets that trade 24/7. Exchanges CME and NYSE reportedly urged the CFTC earlier this year to tighten its scrutiny of perpetual decentralized exchange market manipulation and sanctions-exposure concerns.
Meanwhile, Hyperliquid is reportedly working with the CFTC to enter the U.S. market, a move that will increase competition for Kalshi and other derivatives exchanges. At a White House meeting with crypto stakeholders, President Donald Trump also confirmed that the regulator was looking to bring the perp DEX into the U.S. in a compliant way.
For more on prediction markets, check out Best Regulated Prediction Markets in the U.S.
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