Phantom started rolling out Kalshi prediction markets to US users on Friday, Oct. 23, putting event contracts on politics, sports and crypto inside its wallet, the company said in a blog post. The wallet reportedly has about 20 million users.
The rollout gives US users direct access to Kalshi event contracts, derivatives that pay out based on the outcome of a real-world event. Access expands over the coming weeks, and trading requires a linked Kalshi account with full identity verification: a US phone number and a government-issued ID, with some users also passing Socure checks.
Trades are funded primarily with Phantom’s CASH stablecoin, and winnings and cash-outs return to the user’s Phantom Cash account. The wallet acts only as an interface: balances used for trading stay in Kalshi’s custody, not in the Phantom wallet. Users become direct members of Kalshi, a CFTC-registered exchange and clearing organization.
Phantom quotes a fee of $0.02 per contract, plus a small network fee for moving funds to Kalshi. The in-app feature includes real-time odds, notifications when contracts settle, and a community chat.
The launch is not nationwide in full. Phantom said it is initially blocking sports markets in Michigan; sports, elections, politics and entertainment in Nevada; and those categories plus culture, science and tech, mentions and geopolitics in Washington.
The legal backdrop is live. Three days before the launch, on Oct. 20, the Utah Attorney General sued Kalshi, alleging it runs illegal gambling operations and seeking restitution for millions in fees connected to accounts in Utah. Phantom’s general counsel, Kevin Jacobs, said the CFTC’s jurisdiction over the products is clear. “So long as our interaction with these products is consistent with our no-action position, we are confident and comfortable engaging in this activity,” he said.
That position rests on a conditional no-action letter the Commodity Futures Trading Commission issued Phantom in March, relieving the company from registering as a broker while it connects users to a registered exchange. Phantom announced the Kalshi integration in December 2025, and it was restricted for US users until now.
State regulators keep pushing back: Connecticut sued Kalshi over sports event contracts earlier this year as the federal preemption fight deepens. At the federal level, the CFTC is moving to fold event contracts into its swaps rules while the legal fight over the products runs.
