Phantom brings Kalshi markets to US users as states sue
Phantom will block some Kalshi markets in Michigan, Nevada & Washington as states sue over the prediction market’s gambling status.
The hit
Crypto wallet Phantom has started offering Kalshi prediction markets to US users, letting them trade event contracts in its app. The rollout began Friday & expands over coming weeks, even as several states sue Kalshi, challenging its claim that federal oversight shields it from state gambling laws, according to The Block.
Why it matters
Phantom general counsel Kevin Jacobs says CFTC jurisdiction is clear, but the company will follow state restrictions while the cases run. For bettors, it means another route into event contracts, paid in stablecoins. Funds move to Kalshi & are converted into fiat for settlement, while cash-outs & winnings return to users’ Phantom Cash accounts. Those restrictions could shift as courts rule.
The record
| CFTC no-action letter | Issued to Phantom in March, extended to other software providers last month (CFTC) |
|---|---|
| Kalshi 2026 trading volume | More than $291bn, according to The Block data |
| October 2026 volume so far | $55.33bn, on pace to beat September’s $59.32bn record |
| Blocked markets | Sports in Michigan; sports, elections, politics & entertainment in Nevada; those plus culture, science, tech, mentions & geopolitics in Washington |
| Trading fee quoted | $0.02 per contract plus a small network fee (Phantom) |
What happens next
Watch the state lawsuits against Kalshi, which Phantom’s general counsel says could ultimately reach the Supreme Court.
18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.
Work with BH Group. Paid ads that get iGaming & crypto brands players & users, in the GEOs you choose. Get a plan
Discussion
Ask a question, add useful context or share a source. Keep it relevant & respectful.
Add a comment
Comments are reviewed before publication.