Kalshi Files to Offer US Stock Perpetual Futures

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Kalshi's Proposal and Regulatory Pathway":"Kalshi has filed a proposal with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to offer US stock perpetual futures. The filing comes as both Kalshi and Coinbase are pursuing similar products. Kalshi's proposal would treat the contracts as security futures products and be cleared through its CFTC-registered clearinghouse, Kalshi Klear. The CFTC has yet to approve the proposal. The proposed contracts would have no preset expiration date and would use periodic funding payments to keep prices aligned with the underlying stocks.","

Regulatory Environment and Legislative Context":"The filing comes days after the CLARITY Act failed to advance in the Senate. The CLARITY Act aimed to provide regulatory certainty for American investors and entrepreneurs. SEC Chair Paul Atkins stated that the agency would 'act decisively' within its existing statutory authority to provide regulatory certainty for American investors and entrepreneurs, regardless of the legislative outcome.","

Competitors and Market Dynamics":"Payward, the parent company of Kraken, also filed to offer US stock perpetual futures. Payward plans to initially offer the products to US traders on its exchange, with plans to expand to 24/7 trading. The filing of these proposals indicates a growing interest in bringing derivatives products popular in crypto markets to traditional equities, potentially expanding the use of derivatives in the stock market."}