The Commodity Markets Council, representing exchanges like CME Group, is urging the CFTC to deny Kalshi's request to offer perpetual crude oil contracts. The group also seeks to block U.S. retail traders from accessing offshore derivatives platforms.
The Commodity Markets Council's push to block Kalshi's oil perpetuals and restrict access to offshore platforms could impact competition and product availability in the derivatives market.
The Commodity Markets Council (CMC), an industry group representing exchanges like CME Group, is urging the Commodity Futures Trading Commission (CFTC) to deny a request from prediction markets platform Kalshi to offer perpetual crude oil contracts. The CMC argues these contracts pose risks to market integrity. Kalshi recently filed for approval to offer West Texas Intermediate (WTI) perpetuals, which would expand its offerings that already include US 500, Bitcoin, Ethereum, XRP, and CFTC-regulated gold and silver perpetuals. The CMC also asked the CFTC to block U.S. retail traders from accessing offshore derivatives platforms, citing the adoption of platforms like Hyperliquid. Exchanges CME and NYSE had previously urged the CFTC to scrutinize decentralized exchanges for market manipulation and sanctions exposure. Hyperliquid is reportedly working with the CFTC to enter the U.S. market.
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