CFTC-Regulated Kalshi Crypto Perpetuals Expand to 13 Assets Amid Legal Challenges
Key Takeaways
- Kalshi has launched new CFTC-regulated crypto perpetual contracts, including those tied to Zcash.
- The expansion brings Kalshi's "American Perpetuals" lineup to 13 digital assets, with Zcash perpetuals offering up to 2x leverage.
- The new contracts, which also include Near Protocol, Shiba Inu, and Dogecoin, were filed for regulatory clearance on Tuesday, June 23, 2026.
- Legal challenges persist regarding the classification of perpetual contracts, with CME Group suing the CFTC and the CFTC suing Kentucky.
- Traditional finance firms like CBOE Global Markets and Charles Schwab are also exploring or launching similar event-driven trading products.
- Kalshi has added India to its list of restricted jurisdictions due to new online gaming regulations classifying prediction markets as prohibited betting.
Kalshi, the prediction market operator, has expanded its Commodity Futures Trading Commission (CFTC)-regulated crypto perpetuals lineup to 13 digital assets, notably launching new contracts tied to Zcash (ZEC). This development comes as legal battles over the classification and regulation of such products continue to intensify across multiple fronts.
New Perpetual Offerings
The latest additions to Kalshi's "American Perpetuals" include contracts linked to Zcash and Near Protocol (NEAR). Additionally, Dogecoin (DOGE) and Shiba Inu (SHIB) perpetuals are now available for trading. These contracts are structured with CFTC approval and feature no expiration dates. Regulatory clearance for these new offerings was sought by Kalshi on Tuesday, June 23, 2026, according to recent filings.
Specific leverage ratios for the new contracts have been outlined: Zcash perpetuals are offered with up to 2x leverage, while Near contracts allow for up to 2.6x leverage. The Shiba Inu perpetual contract, trading under the ticker KSHIB, also provides a maximum leverage ratio of 2x. These launches follow an earlier series of filings that covered assets such as XRP, Solana, Dogecoin, Chainlink, Litecoin, Bitcoin Cash, Sui, Hyperliquid, Polkadot, Hedera, and Stellar. While most of those products have received approval, contracts for Stellar, Polkadot, and Hedera remain under review by the CFTC.
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Regulatory and Market Dynamics
The introduction of these new crypto products coincides with increasing regulatory scrutiny concerning perpetual contracts. CME Group has filed a lawsuit against the CFTC and Chairman Michael Selig, arguing that certain agency-approved contracts should be categorized as swaps rather than futures. Furthermore, the CFTC itself has sued Kentucky in federal court today, Wednesday, June 24, 2026, challenging the state's attempt to enforce gaming laws against Kalshi, Polymarket, and brokerage partners including Coinbase, Robinhood, and Webull. The regulator asserts that federally overseen designated contract markets are governed by the Commodity Exchange Act, not state gaming regulations, a stance opposed by Kentucky which maintains that sports-linked event contracts constitute sports wagering.
Regulators are actively seeking public input on the classification of derivatives products. The SEC and CFTC have jointly requested comments on definitions related to swaps and similar instruments, a matter gaining urgency as event-based trading products become more prevalent.
Beyond crypto, interest in perpetual-style contracts is expanding into traditional financial markets. CBOE Global Markets is evaluating the conversion of its continuous Bitcoin and Ethereum futures into perpetual contracts, especially after crypto perpetuals on Kalshi generated over $8.5 billion in trading volume within weeks of their initial launch. Charles Schwab has also entered the prediction market space via a partnership with CBOE, offering all-or-nothing contracts tied to the performance of the S&P 500. Other firms like CME Group and Interactive Brokers have similarly broadened their offerings to include event-driven trading products.
International Developments
Internationally, Kalshi faces new restrictions. An updated members’ agreement published today, Wednesday, June 24, 2026, indicates that India has been added to its list of restricted jurisdictions. Indian authorities, operating under the Promotion and Regulation of Online Gaming Act 2025, classify prediction-market platforms as potentially engaging in prohibited betting activity when real-money speculation on uncertain outcomes is involved, regardless of the operator's description.
