Overview
- Phantom began rolling Kalshi markets into its mobile wallet on Oct. 23, offering trades priced at $0.02 per contract with a one-cent fee to each company and a small network charge.
- Users must create or link a Kalshi account and complete full KYC checks before trading, and trades are funded mainly by Phantom’s CASH stablecoin with money held in Kalshi custodial accounts rather than in Phantom wallets.
- The CFTC’s Market Participants Division issued conditional no-action relief in March 2026 that covers Phantom’s role as an interface to a registered exchange, but that relief does not definitively block state enforcement actions.
- States have moved to restrict or sue: Utah filed a civil suit on Oct. 20 seeking restitution and geolocation controls, New Jersey has petitioned the Supreme Court over jurisdiction, and Phantom is already blocking certain market categories in states such as Michigan, Nevada, and Washington.
- If courts rule for the states or limit federal preemption, users could lose access in some places and the industry may shift toward on-chain settlement models and tighter geofencing to avoid state gambling laws.