Commodity Markets Council urges CFTC to block Kalshi’s perpetual oil futures contract

Kalshi wants to let traders bet on crude oil forever. The old guard of commodity trading would prefer that it didn’t. The Commodity Markets Council (CMC) has sent a letter to the US Commodity Futures Trading Commission (CFTC) asking it to reject Kalshi’s proposed perpetual WTI crude oil futures contract. The group argues the product poses risks to market integrity, and it wants the regulator to withhold approval. The letter went out around October 22, 2026. That was just two days after Kalshi filed for the contract. What Kalshi filed, and what the CMC wants Kalshi, a regulated prediction market platform, filed for a fully perpetual WTI contract on October 20, 2026. The product carries the ticker WTIPERP. The CFTC has at least 45 days to make a decision on the filing. That review window could be extended to 90 days because of the contract’s unusual structure. The CMC isn’t stopping at Kalshi’s product. The group is also asking the CFTC to work with foreign regulators to limit US retail traders from reaching offshore trading platforms through VPNs. Kalshi’s oil push is already underway The perpetual filing isn’t Kalshi’s first move into crude. Earlier in October 2026, the platform la...