Kalshi Seeks Approval for Stock-Linked Perpetual Futures Contracts
Kalshi is planning to offer perpetual futures contracts tied to major U.S. stocks and exchange-traded funds (ETFs), which could potentially trade around the clock without expiration dates. The proposal includes about 60 contracts, including companies such as Tesla, Apple, and Nvidia.
The plan has raised regulatory questions, with the Commodity Futures Trading Commission (CFTC) approving Kalshi's Bitcoin perpetual contract in May but calling for individual reviews of other assets. The Securities and Exchange Commission (SEC) regulates U.S. public shares, creating a regulatory question about which agency should oversee equity-linked perpetual contracts.
Citadel Securities has raised concerns that moving these products outside SEC oversight could create a separate market with different surveillance systems, potentially leading to insider trading and trading halts. The firm also warned about the challenge of coordinating rules across markets.