Kalshi Seeks Approval for 60 Stock and ETF Perpetual Futures
Prediction-market platform Kalshi plans to apply for U.S. regulatory approval to offer 24/7 perpetual futures on roughly 60 stocks and ETFs, including Tesla and Nvidia. The move escalates a jurisdictional dispute between the SEC and CFTC over which agency should govern equity-linked derivatives in crypto markets.
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Kalshi's Expansion Into Equities
Kalshi, a prediction-market operator, plans to seek U.S. approval for about 60 stock and ETF perpetual futures contracts, according to announcements from the company. The product list includes 24/7 trading on major names such as Tesla, Nvidia, and Apple, extending continuous-trading infrastructure typically found in crypto derivatives markets into the equities space.
The move represents one of crypto's largest and most liquid trading products—perpetual futures—entering traditional equity markets. Kalshi has not yet filed formal applications with regulators, but the company's stated intention signals a direct attempt to bridge regulated prediction markets and decentralized finance mechanics.
Regulatory Jurisdiction Clash
The proposal has reignited a jurisdictional clash between the SEC and CFTC. The SEC has historically asserted authority over equity-linked derivatives, while the CFTC oversees commodity and financial futures. Kalshi's plan to offer 24/7 stock perps creates ambiguity: the products resemble crypto perpetual futures, which fall under CFTC purview, but are tied to equities, which the SEC has claimed.
Wall Street firms and regulators have begun positioning themselves on the question of who should govern equity-linked perpetual futures. No consensus has yet emerged, and the outcome will likely determine whether Kalshi's application succeeds and which agency sets the terms.
Why It Matters
For Traders
If approved, 24/7 perps on major equities could fragment order flow from traditional stock futures and options, creating new arbitrage and liquidity vectors.
For Investors
An SEC or CFTC decision on equity-linked perps sets precedent for how crypto-native trading infrastructure can overlap with traditional finance without triggering enforcement action.
For Builders
Kalshi's filing may clarify which regulator governs perpetual futures tied to real-world assets, a foundational question for protocol teams building synthetic equity or ETF derivatives.
This article is for information only and is not financial advice. Read the full disclaimer.
