Protocols & Policy · Prediction markets
Phantom's help center says US users can trade Kalshi event contracts in its app after verifying their identity with Kalshi. The Block reports the rollout started Friday, with some market categories blocked in three states.
Phantom, a self-custody crypto wallet, is bringing prediction markets from Kalshi, a US-regulated exchange, to its US users. That puts event contracts in a mainstream wallet app while states challenge Kalshi in court [1][2]. Event contracts are yes-or-no contracts that pay a fixed amount if an event happens.
"In the United States, prediction markets in Phantom are offered through Kalshi, a US-regulated exchange," Phantom's help center says. Users must complete Kalshi's identity verification and can pay with their Phantom Cash balance "or any token on Solana" [1]. Phantom has offered prediction markets outside the US since December 2025; its help center now says those markets are "powered by World Predict," while US users need a Kalshi account [1][3].
The rollout began Friday and will expand "over the coming weeks," The Block reported. According to The Block, users fund trades with CASH, Phantom's dollar stablecoin; the money is converted to fiat at Kalshi, and winnings return to the user's Cash account. The Block reported a fee of $0.02 per contract plus a small network fee [2].
The Block also reported that Phantom will block some market categories in three states. In Michigan it will block sports. In Nevada it will block sports, elections, politics and entertainment. In Washington it will block those plus culture, science and tech, mentions and geopolitics [2].
Phantom general counsel Kevin Jacobs told The Block: "Our perspective is that the CFTC's jurisdiction here 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 [2]. Kalshi's Max Crowley told The Block that Kalshi offers its full catalog and Phantom chooses which markets to show; he declined to comment on the state cases [2].
The move comes a day after CBS News reported a Pentagon memo barring personnel from using nonpublic information to bet on military operations, naming Polymarket and Kalshi [4].
The next tests are whether Phantom changes its state blocks as the court cases proceed, and how fast access widens beyond the first users.
Holding the Corner.
Not financial advice.