The Commodity Markets Council (CMC), a group representing derivative exchanges including CME Group, is urging the Commodity Futures Trading Commission (CFTC) to deny Kalshi's request to offer perpetual crude oil contracts, according to a Bloomberg report. The CMC is also seeking to block retail traders from accessing offshore derivatives platforms.
CMC Opposes Kalshi's Proposed Oil Perpetuals
The CMC has asked the CFTC to block Kalshi's plan to offer perpetual crude oil futures, arguing that such contracts pose risks to market integrity. The push follows Kalshi's filing earlier this week seeking regulatory approval to offer WTI perpetuals. Kalshi already offers WTI futures that trade on weekdays, which it launched earlier this month.
Approval of the WTI perpetuals would add to Kalshi's growing lineup of perpetual contracts. Earlier this month, the platform launched its US 500 perpetual futures contract. Kalshi also offers crypto perpetuals for Bitcoin, Ethereum, XRP, and HYPE, as well as CFTC-regulated gold and silver perpetuals.
CMC Seeks to Block Offshore Platform Access
The CMC also asked the CFTC to work with regulators to prevent U.S. retail traders from using VPNs to access offshore derivatives platforms. The request comes as offshore crypto platforms like Hyperliquid continue to see significant adoption. Hyperliquid offers perpetual TradFi markets that trade 24/7.
Earlier this year, CME and NYSE reportedly urged the CFTC to tighten scrutiny of perpetual decentralized exchange market manipulation and sanctions-exposure concerns. Meanwhile, Hyperliquid is reportedly working with the CFTC to enter the U.S. market, a move that would increase competition for Kalshi and other derivatives exchanges. At a White House meeting with crypto stakeholders, President Donald Trump confirmed that the regulator was looking to bring the perp DEX into the U.S. in a compliant way.
