Skip to content
$BTC$80,898−1.2%$ETH$2,383−1.3%$SOL$102.78−1.6%$XRP$1.29−2.1%$TON$1.24−6.2%MCap$2.68T−0.9%BTC.D60.3%Fear&Greed51 NeutralGas0.13 gwei·1 sat/vBNews mood18% bullish
Basis Desk

New from Basis Desk: free Telegram proxies for places where Telegram is blocked or slowed down.Connect in one tap →

DeFi · 1 min read

Phantom Integrates Kalshi to Offer Regulated Prediction Markets to US Users

The self-custody wallet is deploying event contract trading nationwide following CFTC no-action relief granted to non-custodial software interfaces.

Editorial oversight: Julian Mercer, Chief Editor
Neutral
$BTC $80,898 −1.2% $ETH $2,383 −1.3%

At a glance In effect

What happened
Phantom began rolling out prediction market trading to US users via an integration with CFTC-registered exchange Kalshi.
Why it matters
The deployment operationalizes CFTC no-action relief that permits non-custodial interfaces to offer access to regulated trading venues without broker registration.
Who is affected
US Phantom wallet users and CFTC-regulated derivatives platforms.
What's next
Rollout of prediction market access will expand across US users over the next few weeks.
Primary source
phantom.com: Phantom Puts Its CFTC No-Action Relief to Work, Bringing Prediction Markets to US Users

Key points

  • Phantom began rolling out prediction markets to US users via CFTC-registered exchange Kalshi, with nationwide access expanding over the next few weeks 1.
  • CFTC staff issued Staff Letter 26-09 in March granting Phantom introducing broker no-action relief, which was expanded industry-wide in September 1.
  • A third-party service handles identity data while Kalshi approves accounts, holds user balances, and executes trades submitted via Phantom 1.

Non-custodial crypto wallet Phantom has begun rolling out prediction markets to US users through an integration with Kalshi, a platform registered with the Commodity Futures Trading Commission 1. Access is slated to expand across the United States over the next few weeks 1.

The product relies on regulatory relief secured earlier in the year 1. Phantom stated that much of the CFTC's traditional introducing broker framework was unsuitable for a non-custodial front-end interface 1. In response to an inquiry on whether passive software could connect individuals to a registered exchange without registering as an introducing broker, CFTC staff issued Staff Letter 26-09 in March 1. The letter established no-action relief confirming that Phantom is not required to register as an introducing broker to offer access to regulated markets, subject to specific conditions 1. The CFTC subsequently extended this no-action relief industry-wide in September under matching terms to similarly situated software providers 1.

Architecture and Execution

Under the integration architecture, US users complete identity verification and submit event contract trades directly inside the Phantom interface 1. A third-party service collects and stores user identification information, while KalshiEX LLC approves trading accounts, maintains them, and executes all submitted orders 1. Phantom remains an unregistered entity with the CFTC and operates solely as a passive software provider 1.

The initiative comes as decentralized application interfaces seek regulatory pathways to offer regulated derivatives alongside decentralized protocols, similar to models explored across the broader sector PredictArena Launches Prediction Market Platform With Crypto.com Derivatives Unit. At the time of writing, broader digital asset markets traded flat, with $BTC at $80,840 and $ETH at $2,381. Phantom stated it plans to continue engaging with regulators to maintain access pathways for non-custodial software applications 1.

Questions this story raises

Is Phantom registered with the CFTC?
No. Phantom operates as an unregistered non-custodial software provider under CFTC Staff Letter 26-09 no-action relief, with trades executed by CFTC-registered exchange KalshiEX LLC.
Who holds user funds and executes trades?
Kalshi approves and maintains user trading accounts and executes orders submitted through Phantom, while an independent third party manages identity verification data.

Sources

  1. [1] Phantom Puts Its CFTC No-Action Relief to Work, Bringing Prediction Markets to US Users — phantom.com, October 23, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

Community read
How do you read this story for the assets involved? One vote a day, anonymous.
Be the first to vote
Share X Telegram Bluesky Markdown Web Story

The Daily Brief, in your inbox at 07:00 ET

Five stories, the numbers that moved, what to watch. Three minutes. No hype, no advice, unsubscribe in one click.

Not financial advice. Basis Desk publishes information, not recommendations. Crypto assets are volatile and you can lose what you invest.