Commodity Markets Council Urges CFTC to Block Kalshi Oil Contract
The Commodity Markets Council has asked the CFTC to reject Kalshi’s perpetual oil futures contract, citing risks to market integrity.
Commodity Markets Council Urges CFTC to Block Kalshi Oil Contract
The Commodity Markets Council has asked the CFTC to reject Kalshi's perpetual oil futures contract, citing risks to market integrity.
Commodity Markets Council Targets Perpetual Oil Futures
The trade group Commodity Markets Council has sent a letter to the US Commodity Futures Trading Commission asking the regulator to reject Kalshi's proposed perpetual oil futures contract. According to Cryptobriefing, the letter was sent around October 22, 2026, just two days after Kalshi filed for the product. The trade group argues that the perpetual product poses risks to market integrity and wants regulators to withhold approval.
Kalshi filed for the fully perpetual WTI contract on October 20, 2026, carrying the ticker WTIPERP. The platform wants to let traders bet on crude oil indefinitely, moving further from event-style prediction markets and closer to traditional futures exchanges. The CFTC has an initial 45-day review window that could be extended to 90 days due to the unusual structure of the contract.
Broader Market Concerns and VPN Access
The Commodity Markets Council represents members that include CME Group, NYMEX, ICE Futures U.S., commercial hedgers, and trading houses. Beyond blocking the Kalshi product, the group also requested that the CFTC work with foreign regulators to limit US retail traders from accessing offshore platforms through virtual private networks. If acted upon, this request could impact any offshore platform reached by US retail traders masking their location.
Earlier in October 2026, Kalshi launched another WTI oil futures contract featuring a 10-year expiry and 24-hour trading five days a week. That product has generated daily volume of around $57 million with leverage up to 5.9x. A denial of the perpetual contract by the CFTC could preserve the existing setup for oil derivatives, while approval might introduce fragmented liquidity and added volatility across venues.
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