Phantom Begins Kalshi Rollout With Temporary Market Limits in Some States

Phantom began offering Kalshi event contracts to U.S. users Friday, opening an in-app path to prediction markets while temporarily limiting some categories in states with pending litigation.

Kalshi’s event contracts are available inside Phantom’s crypto wallet app, with access expected to widen over the coming weeks. Users must complete Kalshi identity verification before trading and can fund trades through Phantom Cash with CASH, a stablecoin pegged to the U.S. dollar.

The temporary restrictions cover some sports, election, political and other markets in certain states. They could change as the cases proceed. Phantom General Counsel Kevin Jacobs described the Commodity Futures Trading Commission’s jurisdiction over the products as clear and said the company would comply with state restrictions while litigation continues.

Separately, Utah sued Kalshi and its affiliates on Oct. 20, alleging illegal gambling and seeking to halt several categories of contracts for state residents. The state’s claims are detailed in Utah’s lawsuit against Kalshi.