Phantom offers CFTC-regulated prediction markets to US users via Kalshi
Phantom adds event trading for US users
Crypto wallet provider Phantom has launched prediction markets for eligible users in the United States. The new feature lets users trade on crypto prices, sports results and other real-world events directly inside the Phantom app.
The markets are powered by Kalshi and offer contracts regulated by the US Commodity Futures Trading Commission (CFTC). Some Bitcoin price markets settle every 15 minutes. Trades are funded from Phantom Cash balances, which are denominated in the CASH stablecoin. A stablecoin is a digital currency designed to hold a stable value, usually tied to a fiat currency like the US dollar.
How the setup works
Kalshi handles customer verification, account management and the actual trade execution. Phantom provides access to those markets through its own app. This structure follows no-action relief granted by the CFTC in March, which allowed Phantom to connect users to regulated markets without registering as an introducing broker, subject to certain conditions.
The service is available through a new Predict tab in the Phantom app. Availability varies by state and by market category. Eligible users can view live market data, sports scores and market discussions before placing trades, using an interface that Phantom describes as similar to a cryptocurrency token swap.
What the sources say
- Phantom announcement says the integration offers CFTC-regulated event contracts.
- CFTC no-action relief allowed Phantom to connect users to regulated markets without registering as an introducing broker.
- CFTC lawsuit against Utah shows the broader legal fight over state gambling laws and federal derivatives rules.
- DeFi Rate data shows Kalshi recorded $10.8 billion in crypto contract volume in the 30 days ending Oct. 27, up 19.6% from the previous period.
What is still unclear
The article does not say which states will have access at launch, which market categories are available in each state, or how eligibility is determined. The legal dispute over whether federal derivatives regulation or state gambling laws control prediction markets is ongoing, so availability could change if those cases are decided differently.
Why this is being reported now
Phantom's launch comes while the CFTC sues Utah over Kalshi's event contracts, adding to other cases about whether federal derivatives rules override state gambling laws. Even amid the legal uncertainty, Kalshi says its trading activity is growing.
What happens next
The rollout is continuing through the Predict tab, with access depending on the user's state and the market category. No further timeline was provided in the supplied sources.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.