The Commodity Futures Trading Commission (CFTC) is questioning Crypto.com, a Singapore-based crypto exchange, and the prediction market Kalshi over whether their derivatives-based Super Bowl sports events contracts are compliant, reports Bloomberg.
On Dec. 23, 2024, Crypto.com launched a derivatives platform that let users place wagers on the outcome of the Super Bowl LIX, a football game set between the Kansas City Chiefs and Philadelphia Eagles on Feb. 9, 2025. Crypto.com co-founder and CEO Kris Marszalek said in a statement that its Sports Events Trading product was a regulated platform at the time of its launch.
Kalshi lets users trade contracts over the outcome of an event, and it rose to popularity ahead of the presidential election last year. The CFTC argued that Kalshi letting users bet on the outcome of the election diminished integrity. A federal court denied the CFTC's motion against Kalshi's election betting, the agency stated afterward that the ruling should be reversed, The Block previously reported.
The Block reached out to the CFTC for comment.
Also on Monday, the crypto-friendly trading app Robinhood selected Kalshi to enable Super Bowl derivatives contract trading. Robinhood's derivatives platform had previously allowed consumers to trade on the outcome of the 2024 presidential election.
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