Following the U.S. Commodity Futures Trading Commission's (CFTC) approval of Bitcoin perpetual contracts, Kalshi quickly expanded its application scope to include more crypto assets. According to the latest filings, the platform has submitted self-certification applications for perpetual contracts related to 12 different tokens, but these products have not yet been approved.
Covering XRP, SOL, and DOGE
Kalshi's proposed product lineup covers Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera.
This indicates that Kalshi is leveraging changes in the regulatory environment to accelerate its entry into the crypto derivatives market, which has long been dominated by offshore platforms such as Binance, but has recently faced competition from decentralized platforms such as Hyperliquid.
The CFTC is still reviewing cases on a case-by-case basis.
In its order last Friday, the CFTC stated that, apart from Bitcoin, the applicability of perpetual contracts to other assets needs to be evaluated on a case-by-case basis. This means that the products submitted by Kalshi will not automatically become effective with the application.
Regulators have pointed out that the product design of perpetual contracts may not be suitable for all asset classes. Decrypt, citing analyst Dustin Gouker, stated that Kalshi's approach is similar to the self-certification path it used when launching event contracts previously.
The regulated market in the United States continues to expand.
If these products are ultimately launched, US users will be able to directly trade related crypto perpetual contracts. This is one of the most anticipated aspects of this development, as the US market has long lagged behind overseas platforms in this area.
Meanwhile, the CME Group has extended its Bitcoin futures and options trading to 24/7, demonstrating the continued expansion of the regulated crypto derivatives market in the United States.
- Bitcoin open interest is approximately $54.9 billion.
- Ethereum open interest is approximately $31.5 billion.
- Solana and XRP are valued at approximately $5.5 billion and $3 billion respectively.
Regulatory stance shifts towards openness
While the CFTC remains cautious about altcoin perpetual contracts, its stance has shifted from outright restrictions to conditional opening. CFTC Chairman Mike Selig stated last week that the regulator will use existing tools to bring crypto asset perpetual contracts back to the U.S. domestic market.
Michael Saylor, co-founder and executive chairman of Strategy, also stated on social media that the opening of regulated perpetual contract channels is beneficial to Bitcoin holders.
