Crypto Exchanges
By Steven Anderson
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What Kalshi Actually Filed. Kalshi submitted its proposal to both the SEC and the CFTC.
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Coinbase and Kraken Are Right Behind Them. Coinbase filed a similar proposal around the same time.
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The Regulatory Backdrop Is Complicated. Timing matters here. These filings landed shortly after the CLARITY Act failed to advance in the…
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Kalshi just filed with the SEC and the CFTC to offer perpetual futures on individual US stocks. Coinbase did basically the same thing.
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The filings are a pretty big deal. Perpetual futures, for anyone who hasn't spent time in crypto markets, are contracts with no expiration date.
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Kalshi submitted its proposal to both the SEC and the CFTC. The company plans to treat these contracts as security futures products and clear them through Kalshi Klear, its own…
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The CFTC hasn't approved the proposal yet. Neither has the SEC. Both filings are pending.
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Kalshi isn't coming to this cold, either. The prediction market platform already offers perpetual futures on Bitcoin, Ether, Solana, and XRP in the US — that came after the CFTC…
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Whether regulators see it that way is another question entirely.
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Coinbase filed a similar proposal around the same time. The crypto exchange is chasing the same market segment — US stock perpetual futures — and it's not hard to see why.
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More context: CFTC Moves Quickly to Submit Crypto Rulebook After CLARITY Act Fails in Senate
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But Coinbase and Kalshi aren't the only ones moving. Payward — that's Kraken's parent company — submitted its own proposal through Bitnomial Exchange.
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Three separate entities pushing into the same space at roughly the same time. It's crowded already, and nothing's been approved yet.
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Timing matters here. These filings landed shortly after the CLARITY Act failed to advance in the US Senate, falling short of the votes it needed.
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It didn't pass. And that's a problem for anyone trying to build new financial products that sit at the intersection of crypto mechanics and traditional equity markets.
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