CME’s fight with Kalshi spreads to oil as Phantom opens a new door for the prediction market

Crypto wallet Phantom has switched on Kalshi-powered event contracts for US customers. This gives Kalshi another distribution channel; however, it is coming around the same time that CME Group is fighting the prediction market platform in federal court, before the SEC, and now in the oil pit. On the other hand, CME’s prediction market venture, FanDuel, has shrunk, while platforms like Kalshi and Polymarket have since expanded where they can trade. Event contracts have become a contested frontier between the platforms offering those contracts, regulators, and other firms that have been playing in the space or adjacent sectors. This time around, it has been CME, one of the oldest and largest derivatives marketplaces in the US, arguing that Kalshi is breaking rules as it continues to expand.

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