# CME-Backed Group Pushes Back on Kalshi as Phantom Rolls Out Prediction Markets

*Author: David Christopher*
*Published: Oct 23, 2026*
*Source: https://www.bankless.com/read/news/cme-backed-group-pushes-back-on-kalshi-as-phantom-rolls-out-prediction-markets*

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A trade group whose members include CME, NYMEX and ICE Futures US [urged the CFTC](https://www.financemagnates.com/fintech/commodity-giants-urge-cftc-to-kill-kalshis-oil-perp-before-it-launches/) on Thursday to withhold approval of WTIPERP, the no-expiry WTI crude perpetual Kalshi [filed for](https://www.cftc.gov/filings/ptc/ptc10202635057.pdf) on Tuesday. The pushback lands as Phantom [begins rolling out](https://www.theblock.co/news/markets/2026-10-23-phantom-rolls-out-kalshi-prediction-markets-us-421652) Kalshi's prediction markets to its US users. 

## What's the Scoop?

- **Incumbents Push Back:** The council's letter didn't name Kalshi, [Bloomberg reported](https://www.financemagnates.com/fintech/commodity-giants-urge-cftc-to-kill-kalshis-oil-perp-before-it-launches/). It also asked the CFTC to work with foreign regulators to curb US traders' VPN access to offshore platforms. 

- **Phantom Distribution:** Phantom users fund trades with its CASH stablecoin, complete KYC on Kalshi and pay $0.02 per contract though some market categories are blocked in Michigan, Nevada and Washington. 

- **Elsewhere in Prediction Markets:** Defense Secretary Pete Hegseth's October 20 memo bars Pentagon personnel from betting with nonpublic information on prediction markets including Polymarket and Kalshi. "[Our enemies watch movements in these markets](https://defensescoop.com/2026/10/22/hegseth-memo-gambling-prediction-markets/)," he wrote. Separately, Polymarket has reportedly fired CMO Matthew Modabber after an internal misconduct probe, according to the New York Post [via CoinDesk](https://www.coindesk.com/markets/2026/10/23/polymarket-has-reportedly-fired-its-marketing-chief-also-a-close-friend-of-the-ceo) — no word on why yet.
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