Phantom expands into prediction markets for U.S. users through Kalshi

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Phantom prediction markets for U.S.

Highlights

Phantom launched a Predict tab integrating Kalshi’s CFTC-regulated event contracts, including 15-minute Bitcoin price markets, for eligible U.S. users funded in CASH stablecoin.
Phantom offers access while Kalshi handles customer verification, with the integration proceeding under March no-action relief from the Commodity Futures Trading Commission allowing non-brokered connections.
Despite ongoing regulatory disputes—including the CFTC’s lawsuit against Utah over state gambling laws—Kalshi posted $10.8 billion in crypto contract volume in the 30 days ending Oct. 27, up 19.6%.

Kalshi integration adds regulated contracts

As reported by Cointelegraph, Phantom said on Wednesday that the new feature is launching through a Predict tab in its app, giving eligible U.S. users access to Kalshi-powered markets. The integration includes CFTC-regulated event contracts, including short-term Bitcoin price markets that settle every 15 minutes, and trades can be funded through Phantom Cash balances denominated in the CASH stablecoin.

Kalshi handles customer verification, account management and trade execution, while Phantom provides the app-based access layer. The company says the interface lets users view live market data, sports scores and market discussions before placing trades through a format similar to a cryptocurrency token swap.

Legal disputes persist as volumes rise

Phantom's move into prediction markets comes as the sector faces a widening legal dispute in the U.S. The launch follows no-action relief granted by the Commodity Futures Trading Commission in March, allowing Phantom to connect users to regulated markets without registering as an introducing broker, subject to certain conditions.

That backdrop remains unsettled. On Monday, the Commodity Futures Trading Commission sued Utah after the state challenged Kalshi's event contracts under its gambling laws, adding to a broader series of cases over whether federal derivatives regulation overrides state gambling rules.

Even with that uncertainty, trading activity continues to increase. Kalshi records $10.8 billion in crypto contract volume over the 30 days ending Oct. 27, up 19.6% from the previous period, according to data compiled by DeFi Rate.

In our earlier article on Chariot Claims’ $10 million Series A, we covered how the New York-based legal tech startup is scaling AI-assisted review to handle high-volume consumer disputes involving privacy, hidden fees and hard-to-cancel subscriptions. We also noted that sustained investment in legal tech is fueling more automation in case intake and research, even as companies push back with cease-and-desist threats over advertising and trademark use.

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