CME backed industry group urges CFTC to block Kalshi oil futures plan

cryptonews10-23 14:32

A group representing major US commodity exchanges has urged the Commodity Futures Trading Commission to reject Kalshi’s proposed oil perpetual futures contract over concerns about market integrity. ...

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Each cash settled contract would represent 100 barrels of oil, compared with the 1,000 barrels covered by a standard WTI futures contract.\nTrading would follow conventional oil futures market hours, including weekend closures, holidays and scheduled early closing periods. Kalshi has included provisions to halt trading when the underlying market is suspended.\nCMC has questioned whether such contracts can maintain the same connection to physical commodity markets as conventional futures approaching their delivery dates.\nTraditional futures prices generally converge toward physical market prices as delivery approaches, while perpetual contracts depend on funding mechanisms to maintain their relationship with the markets they track.\nKalshi has maintained that its proposed pricing structure would remain connected to conventional oil futures. The company reportedly told Bloomberg that it had consulted industry groups before submitting the proposal, although some had not raised specific objections.\nThe CFTC has not approved WTIPERP, and the proposed product remains subject to regulatory review.\nOffshore perpetual exchanges face regulatory scrutiny\nCMC’s concerns extend beyond contracts offered by regulated US exchanges.\nThe council has asked the CFTC to coordinate with foreign regulators to restrict access to offshore derivatives platforms that allow American retail traders to participate through VPNs.\nDecentralized exchanges such as Hyperliquid have developed perpetual futures markets linked to cryptocurrencies and traditional financial assets, including commodities and stock indexes.\nUnlike the proposed Kalshi oil contract, some offshore perpetual markets operate continuously, allowing traders to take positions outside the regular trading hours of established commodity exchanges.\nCMC and other established market participants have raised concerns about manipulation, market oversight and sanctions compliance in decentralized derivatives trading.\nHyperliquid has reportedly been engaging with US regulators about entering the domestic market under applicable regulatory requirements, although no approval has been announced.\nKalshi, meanwhile, has been expanding its derivatives offerings beyond event contracts.\nThe company already offers perpetual products linked to Bitcoin, Ethereum, XRP and HYPE, alongside contracts covering precious metals and stock market indexes.\nIts proposed oil contract would give eligible traders another regulated venue for gaining exposure to crude prices if the CFTC grants approval.\nKalshi faces separate challenges over prediction markets\nKalshi’s derivatives expansion comes while the company continues to fight state regulators over whether its event contracts fall under federal derivatives rules or state gambling laws.\nUtah Attorney General Derek Brown filed a civil lawsuit on October 20 accusing Kalshi and related defendants of offering illegal gambling products through contracts tied to sports, politics and other events.\nAs crypto.news reported on October 21, Utah is seeking to recover up to $61.2 million in allegedly unlawful fees and prevent the platform from offering the disputed contracts to state residents.\nBrown said the activities were causing significant ongoing harm to Utah residents and asked the court to order financial restitution and other remedies.\nKalshi had already lost an emergency appeal in September, when the Tenth Circuit refused to prevent Utah from enforcing its gambling laws while the company’s appeal continued.\nFederal courts have been divided over whether states can enforce their gambling laws against Kalshi’s sports prediction markets.\nThe Third Circuit ruled in Kalshi’s favor in a case involving New Jersey, while courts hearing similar disputes in Nevada, Ohio and Tennessee have reached different conclusions, allowing states to enforce certain gambling restrictions.\nNew Jersey has since taken the dispute to the Supreme Court, asking the justices to decide whether federal commodities law prevents states from regulating sports event contracts. The National Football League backed the state’s request in an October 8 filing.\nThe Supreme Court review request remains pending, with Kalshi given until November 9 to respond.\nMeanwhile, the CFTC has sent proposed event contract rules to the White House for review. The proposals address how certain event contracts should be classified under federal derivatives law and whether products resembling casino gambling should be permitted.\n\n\n\n\n\n                Read more:\n            \n\n                Why is Zcash price down today? 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