Kalshi has prepared to seek U.S. regulatory approval for approximately 60 perpetual futures linked to stocks and exchange-traded funds, including Tesla, Apple and Nvidia.

The Wall Street Journal reported on Sept. 10 that the prediction-market operator wants to offer the products around the clock. Approval would give U.S. traders access to regulated single-stock perpetual futures without using offshore crypto exchanges.

Kalshi has not published its proposed product list, leverage limits, margin requirements or launch timetable. No related filing was publicly identified in the report, leaving the plan subject to a formal regulatory submission and review.

The proposal enters a dispute involving the Commodity Futures Trading Commission, Securities and Exchange Commission, CME Group and Citadel Securities. Each disagreement concerns how perpetual contracts should be classified and which regulator should oversee products linked to U.S. securities.

Kalshi would bring 24/7 perps to U.S. stocks

Perpetual futures let traders take long or short positions without a fixed expiration date. Traditional futures expire on scheduled dates, requiring traders to close or transfer their positions into later contracts.

Perps use recurring payments between long and short traders to keep contract prices near their reference assets. When a perpetual contract trades above the reference price, long traders commonly pay short traders. The payment direction can reverse when the perp trades below its reference.

Leverage allows users to control positions larger than their posted collateral. Gains can increase when the market moves in the trader’s favor, while adverse movements can trigger forced liquidation.

Kalshi’s proposed products would track stocks including Tesla, Apple and Nvidia, according to the Journal. ETFs would form part of the planned group, though the report did not identify specific funds.

Around-the-clock trading would let a Tesla perp continue moving after Nasdaq closes and during weekends. The stock itself generally trades during established exchange sessions, with limited activity available through extended-hours systems.

No company has endorsed a Kalshi contract linked to its shares. A derivative tracking Tesla or Nvidia would not represent ownership in either company, provide voting rights or entitle holders to dividends.

Kalshi would need to establish a reference price, funding mechanism and procedures for corporate actions. Stock splits, dividends, mergers and trading suspensions can change the price or structure of an underlying security.

The company has not said how its contracts would process such events or how prices would be calculated while the primary stock market is closed.

CFTC approval covered Bitcoin, not individual stocks

The CFTC approved Kalshi’s BTCPERP contract on May 29 after the company submitted it for review one day earlier. The contract gave eligible U.S. traders regulated access to leveraged Bitcoin exposure without an expiration date.

As crypto.news previously reported, Kalshi launched its Bitcoin perpetual contract following CFTC approval. The authorization applied to the submitted Bitcoin product and did not grant automatic approval for perps tied to other asset classes.

The regulator said perpetual futures linked to different types of assets may require individual assessment. Kalshi’s stock products would therefore need separate review because their reference assets fall within securities markets overseen by the SEC.

Kalshi later extended its perpetual-futures business to gold and silver. The company has pursued another contract tracking West Texas Intermediate crude oil, though regulatory authorization for a commodity product does not resolve the treatment of single-stock perps.

The distinction has produced a jurisdictional question. Futures generally fall under CFTC authority, while stocks and securities-based products sit within the SEC’s mandate. Some products can involve both agencies depending on their legal structure.

Single-stock futures have previously operated under a joint SEC-CFTC framework. Kalshi’s planned contracts would differ by carrying no expiration date and using funding payments to maintain their relationship with the underlying shares.

The CFTC has not announced approval of the planned equity products. Kalshi’s reported intention to apply should not be described as authorization or evidence that trading will begin.

Citadel warns of a parallel equity market

Citadel Securities told the SEC and CFTC that perpetual contracts tied to publicly traded companies should remain within securities regulation. Its Sept. 10 letter responded to a joint request concerning how the agencies define and divide financial products.

The trading firm warned that placing equity-linked perps outside SEC oversight could create a “parallel shadow market.” Citadel argued that the contracts would still draw their economic value from securities even if they were structured as futures.

Existing securities surveillance connects activity across stocks, listed options and related instruments, according to the firm. Trading a perp through a separate regulatory system could limit regulators’ ability to compare orders and positions across connected markets.

Citadel cited insider trading as one potential concern. An employee holding unreleased earnings information could trade a company-linked perp while the stock exchange was closed, subject to the platform’s controls and applicable law.

Trading halts present another issue identified in the letter. A stock can be suspended after a major announcement or because of unusual activity, yet an independently operated perpetual contract might continue changing hands unless both venues coordinate their procedures.

Citadel said SEC rules already address order handling, market access and trading suspensions for securities. Comparable safeguards would not necessarily apply in the same form if the CFTC classified a single-stock perp as an ordinary futures contract.

Its letter presents Citadel Securities’ regulatory position, not a binding interpretation. The SEC and CFTC have not issued a joint decision covering Kalshi’s planned products.

In related coverage, ESMA warned that prediction markets can raise insider-trading and manipulation risks. The European regulator’s report concerns prediction platforms and EU access, while Citadel’s letter focuses on U.S. equity-market surveillance.

CME lawsuit could affect Kalshi’s expansion

CME Group sued the CFTC and Chairman Michael Selig in June over the agency’s approval of perpetual futures for Kalshi and Coinbase. The case remains a separate challenge from Citadel’s request for SEC oversight of stock-linked products.

CME argues that perpetual futures qualify as swaps under the Dodd-Frank Act. Its complaint asks a federal court in Washington, D.C., to overturn the CFTC’s May 29 decision approving Kalshi’s Bitcoin contract and the agency’s related policy.

The exchange operator claimed the approval caused competitive harm by allowing Kalshi and Coinbase to reach retail derivatives traders under different rules. Kalshi and Coinbase are not named as defendants in the case.

A CFTC spokesperson described the action as “frivolous,” while Kalshi said the dispute concerned competition. The quoted responses state the parties’ positions and do not resolve the legal classification at issue.

Perpetual-futures trading volume increased 29% to $61.7 trillion during 2025, according to CryptoQuant data cited by Reuters. The figure mainly represents global crypto derivatives and does not measure expected demand for U.S. stock perps.

The federal court has not issued a final ruling determining whether the approved Bitcoin product is a future or swap. A decision against the CFTC could affect the legal foundation Kalshi would use when seeking permission for its stock and ETF contracts.

Even if the CFTC accepts Kalshi’s applications, SEC involvement may depend on the final product structure. Neither agency has announced a deadline for reviewing the proposed contracts, and Kalshi has not stated when it expects to file them.

In this week’s edition of the weekly recap, a withdrawal of nearly 4,000 BTC forced Liquid Network to suspend transactions before operators began a limited restart. The U.S. CLARITY Act faced fresh doubts ahead of a Sep. 15 Senate vote, while spot Bitcoin ETFs lost $462.7 million over four trading sessions.

Liquid Network restarts blocks after $320 million withdrawal

• An actor created unbacked L-BTC and withdrew approximately 3,996 BTC through an authorized peg-out service, according to crypto.news’ report on the Liquid Network incident. The withdrawal, first reported on Sep. 6, removed roughly 95% of the Bitcoin held in the sidechain’s federation wallet at the time. Liquid stopped transactions and peg operations while developers addressed a proof-verification flaw in its Elements software.
• Liquid said on Sep. 10 that its nodes had resumed producing blocks following an emergency update. Transactions and peg operations remained suspended. The actors returned 3,400 BTC, leaving about 598 BTC outside the federation wallet. Liquid called them “purported white-hat hackers,” reflecting the actors’ claim rather than confirming they had authorization.

CLARITY Act faces a 60-vote Senate test

• Republican senators warned that the CLARITY Act might lack the votes to advance when the Senate holds a procedural vote on Sep. 15. The measure needs 60 votes to open debate. With Republicans holding 53 seats, supporters would need at least seven Democrats or independents if every Republican backed the motion.
• Sen. Cynthia Lummis blamed Democratic demands for the impasse, while other lawmakers pointed to unresolved ethics provisions involving government officials’ crypto interests. Stablecoin rewards and protections for decentralized finance developers also remained disputed. A successful procedural vote would begin Senate debate; it would not pass the bill or make it law.

Bitcoin ETFs lose $462.7 million as Ether funds gain

• U.S. spot Bitcoin ETFs recorded $462.7 million in net outflows from Sep. 8 through Sep. 11, according to Farside Investors data cited by crypto.news. Monday’s Labor Day closure left four trading sessions, and the funds posted outflows in each. Thursday’s $282.7 million loss was the largest of the week.
• Ethereum ETFs finished the period with $196.9 million in net inflows after attracting $216.4 million on Friday. Solana funds gained $9.7 million. The fund data showed a split between Bitcoin and Ether allocations as investors assessed U.S. inflation and the Federal Reserve’s Sep. 15–16 meeting.

DOJ restrains more than $52 million in crypto

• The U.S. Department of Justice restrained more than $52 million in cryptocurrency while targeting wallets and online channels linked to the Xinbi Guarantee network. Tether said authorities seized two wallets that had received about $12 million in payments and sought restraints against 47 more wallets associated with suspected money laundering.
• U.S. authorities and blockchain researchers described Xinbi as a marketplace connecting alleged scam operators with payment, laundering, and other services. Tether said it assisted the enforcement action. The wallet restraints are a confirmed step in the investigation; allegations concerning the marketplace and its users remain attributed to the authorities.

Ethereum Foundation ranks 62 Hegotá proposals

• The Ethereum Foundation graded 62 proposed changes for its planned Hegotá upgrade. About 60 protocol specialists contributed 397 assessments. Transaction inclusion lists and Frame Transactions received the highest “must ship” ranking, while other proposals were assigned lower priorities or declined.
• The rankings describe the foundation’s development priorities, not a decision to deploy all 62 changes. Its Protocol Cluster also stated a goal of making Ethereum’s base layer resistant to quantum attacks by December 2029. Developers and community members can discuss the Hegotá list at a Sep. 16 Reddit session.

Harmony proposes ending its blockchain

• Harmony proposed retiring its layer-1 network and issuing ONE balances as Ethereum-based tokens after a final snapshot. The project announced the plan on Sep. 6 and asked users to leave smart contracts before Sep. 10 because liquidity pools, multisignature vaults, and applications would not transfer with wallet balances.
• Harmony reserved $1.372 million for eligible validators and delegators, with proposed payments over four quarters. Its plan followed an August exploit that created forged ONE tokens. The final network block and Ethereum token distribution had not been confirmed in the linked report.

Bitcoin reacts to inflation before the Fed meeting

• Bitcoin fell below $78,000 on Sep. 10 after U.S. producer inflation exceeded forecasts, touching about $76,676 in crypto.news market data. The drop followed repeated failures to hold gains above $80,000 earlier in September.
• BTC recovered above $78,000 on Sep. 11 after U.S. consumer inflation met headline forecasts. Consumer prices rose 3.4% from a year earlier, while core prices increased 0.3% from July. Polymarket traders priced an 81% chance of a quarter-point Fed rate increase, according to the report.

Ripple urges senators to hear crypto holders

• Ripple Chief Legal Officer Stuart Alderoty asked undecided and opposing senators to meet crypto holders before the CLARITY Act vote. He cited a National Cryptocurrency Association estimate that about 67 million U.S. adults hold digital assets.
• Crypto.news reported that supporters of Stand With Crypto contacted lawmakers nearly 50,000 times during August, citing Reuters. Banking groups also pressed senators over stablecoin rewards and their possible effect on deposits. Those competing appeals added to the legislative dispute, but neither established how senators would vote.

Robinhood reports 61% rise in monthly crypto volume

• Robinhood’s August crypto trading volume reached $17.5 billion, up 61% from July, according to operating figures released during the week. Bitstamp processed $10.1 billion, while the Robinhood app handled $7.4 billion.
• Despite the monthly increase, combined volume was 38% below August 2025. The comparison separates a rebound from July’s quieter trading from a year-over-year recovery, which Robinhood had not reported.

U.S. agencies propose revised bank vendor guidance

• The Federal Reserve, FDIC, OCC, and National Credit Union Administration proposed new third-party risk guidelines that would let banks and credit unions adjust oversight to each outside relationship. If finalized, the nonbinding guidelines would replace the 2023 and 2024 frameworks.
• Federal Reserve Governor Michael Barr dissented, warning of possible gaps in supervision. The proposal is relevant to institutions assessing outside financial-technology providers, including digital-asset service firms, but it does not itself approve any crypto activity.

Brazil’s banks expand customer access to crypto

• Brazilian banks added digital assets to customer platforms while reporting no virtual assets on their own balance sheets in March filings reviewed by Folha de S.Paulo. Itaú offered 15 crypto assets, and Nubank listed 28.
• Banco do Brasil reported processing more than R$11 million in customer crypto transactions since January. The distinction between facilitating customer trades and buying tokens for a bank’s own account matters as Brazilian crypto firms prepare to meet licensing requirements later this year.

Flare reports 21.5 billion FLR staked

• Staked FLR increased from about 16 billion to 21.5 billion tokens after Flare changed its network economics, according to DefiLlama Research. The FIP.16 upgrade cut annual inflation from 5% to 3%.
• DefiLlama also reported that transaction-fee burns had risen to more than 10 times their earlier level. The figures measure activity after the upgrade; they do not prove the rule changes alone caused every increase in staking.

UniCredit considers broader digital-asset services

• Italy’s UniCredit is exploring crypto custody and brokerage infrastructure, according to people familiar with the matter cited by Bloomberg. The bank is also considering tokenized investments and stablecoin services, but has not selected a final product lineup or announced a launch.
• UniCredit previously offered professional clients a product linked to BlackRock’s U.S. Bitcoin ETF and issued a tokenized minibond. Its latest discussions remain at an early stage and could change before any customer service begins.

Riot Games has discussed potential esports sponsorship agreements with prediction market operators Kalshi and Polymarket as the League of Legends World Championship approaches in October.

Bloomberg reported on Sept. 11, citing people familiar with the private talks, that the Tencent-owned video game developer has held discussions with both companies over possible deals involving its esports business.

Riot, which operates competitive tournaments for League of Legends and Valorant, has not committed to either platform.

“Prediction markets are an emerging space that we’re evaluating with a focus on safeguarding competitive integrity, potential value for teams, impact on the fan experience, and alignment with our broader ecosystem goals,” Riot Games spokesperson Joe Hixson told Bloomberg.

Kalshi declined to comment on the discussions, while Polymarket did not respond to Bloomberg’s request for comment.

Riot Games could require official esports data

Any prediction market sponsor approved by Riot would be required to obtain official betting data through GRID Esports, one person familiar with the discussions told Bloomberg.

GRID already has ties to Polymarket. The prediction market operator partnered with GRID in June, gaining access to official esports data and announcing plans for faster streams, a redesigned esports section and data taken directly from game servers.

The requirement would place official game data within any sponsorship arrangement as Riot considers bringing prediction markets closer to its competitive ecosystem.

League of Legends and Valorant tournaments draw millions of viewers globally, with esports audiences skewing younger than those of traditional sports. Riot has previously cited Sportradar data showing betting tied to its two major titles reached $10.7 billion in 2024.

Most of that activity took place through unregulated markets and unlicensed bookmakers, according to Riot. The company began permitting sponsorships from traditional sports betting operators in 2025, subject to restrictions intended to protect competitive integrity.

Prediction markets already offer contracts on esports matches, allowing traders to take positions on game outcomes without a formal sponsorship relationship with Riot.

Kalshi has been recruiting for an esports-focused position tasked with forming league partnerships and increasing its presence in the sector. Polymarket had employees working on esports by at least 2025, according to LinkedIn information cited by Bloomberg.

Kalshi and Polymarket push further into sports

The Riot discussions would extend a series of deals bringing prediction markets into professional sports and entertainment.

At the end of August, Kalshi secured an exclusive US Open partnership with the U.S. Tennis Association. The agreement gave the company prediction market partner status and restricted competing platforms from advertising at the tournament venue and across its television coverage.

Kalshi had already gained FIFA World Cup exposure through an agreement with ADI Predictstreet, FIFA’s official prediction market partner for the 2026 tournament. As crypto.news previously reported, the World Cup partnership placed Kalshi branding alongside ADI Predictstreet across stadium, television and digital coverage during the competition.

Polymarket has pursued a similar strategy.

The company has signed agreements spanning Major League Baseball, the Bundesliga and other sports properties. Its Bundesliga agreement made Polymarket the league’s exclusive U.S. prediction market partner and included the use of market data during pay-per-view programming.

NBA star LeBron James became one of the latest prominent athletes connected with the company when he confirmed a Polymarket partnership through a video posted on X on Sept. 5. The initial campaign is expected to focus on American football, according to CNBC.

Prediction market operators have been competing for sports users as trading activity across the sector has climbed. Combined monthly volume across Kalshi, Polymarket and Polymarket US reached a record $50.59 billion in July, with Kalshi accounting for $37.7 billion.

Esports sponsorships come with integrity concerns

Riot’s consideration of prediction market sponsors comes as sports organizations take different positions on partnerships with the sector.

The National Football League has held back from signing prediction market sponsorships, citing concerns over inadequate regulation and ongoing legal challenges, Bloomberg reported earlier this month.

Riot has its own concerns because betting activity can create integrity risks around professional matches. Its evaluation of prediction markets is therefore considering competitive integrity alongside the possible financial benefits for esports teams and effects on fans, according to Hixson.

Sponsorship income remains an important source of revenue for esports organizations. NewZoo estimates that sponsorships can account for as much as 60% of an organization’s revenue, while the industry has historically struggled to generate sufficient income from merchandise and ticket sales.

Prediction market companies have spent heavily to place their brands around major sporting events while developing systems intended to detect prohibited trading.

Kalshi uses its proprietary Poirot detection system and has worked with Solidus Labs, IC360 and the Wharton Forensic Analytics Lab on surveillance and integrity controls. Polymarket has developed Vergence AI, an integrity monitoring system created with support from Palantir and TWG AI.

Prediction markets face state legal battles

Sports contracts remain one of the main sources of regulatory pressure on Kalshi and Polymarket in the United States.

State gaming regulators and attorneys general have argued that contracts tied to game winners, player statistics and other sporting outcomes amount to sports betting and should fall under state gambling laws. Prediction market operators have countered that their event contracts are derivatives subject to federal oversight.

The dispute has produced different outcomes across U.S. courts.

A Washington state judge in July granted a preliminary injunction blocking Kalshi from offering sports prediction markets to residents after finding the state was likely to succeed in arguing that the products violated local gambling laws.

Kalshi has faced similar challenges in New York and Michigan, while lawsuits involving prediction market regulation have spread across numerous states.

Baltimore sued both Kalshi and Polymarket in August, accusing the companies of offering unlicensed sports betting. The city’s case against Kalshi named Coinbase, Robinhood and Webull over their role in distributing sports event contracts.

Despite the legal disputes, sports have become a major source of activity for prediction markets. During the 2026 FIFA World Cup, monthly sports prediction volume reached $9.5 billion on Kalshi and $5.3 billion on Polymarket, according to Defirate data reported in June.

Riot’s discussions are taking place weeks before the League of Legends World Championship begins in October. No sponsorship agreement with either Kalshi or Polymarket has been announced.

Ethereum developers have tentatively scheduled the Glamsterdam upgrade for activation on Sepolia at 13:53 UTC on Oct. 6, 2026, while another private devnet test remains necessary before the public testnet fork proceeds.

ACDC #186 meeting notes and subsequent reporting from Ethereum protocol researcher Christine D. Kim show that the date remains conditional. Developers had not completed a stable Glamsterdam activation on a private development network when they selected the Sepolia schedule.

The testing plan has since moved forward by another iteration. Kim said on Sept. 11 that attention had turned to Glamsterdam-Devnet-11, which is expected to launch on Monday, Sept. 14. Earlier plans had identified Devnet-10 as the next major test.

No activation dates have been confirmed for the Hoodi testnet or Ethereum mainnet. Developers have discussed a possible December mainnet release, but testing results will determine whether that schedule remains practical.

Ethereum Glamsterdam upgrade date remains tentative

During the Sept. 3 All Core Developers Consensus meeting, participants agreed on Sepolia epoch 351232 for the proposed activation. Kim reported that the corresponding time would be Oct. 6 at 13:53 UTC. The meeting was held before developers had demonstrated stable performance across the private test networks used for Glamsterdam.

Selecting the epoch gives client teams, infrastructure operators and application developers a common planning target. It does not make the activation final. Developers can postpone the fork if the next testing phase uncovers a major fault or if client teams cannot prepare reliable releases.

The caveat remains relevant after Devnet-9 experienced finality problems. According to the meeting material, the network included approximately 1,000 validator nodes, making it the largest Glamsterdam devnet by validator count at that stage.

Finality requires enough validators to agree on the state of the chain. When a test network fails to finalize, developers must determine whether the cause involves client software, validator participation, network configuration or an interaction between separate protocol changes.

Devnet-11 will test fixes before Sepolia

The original plan called for Devnet-10 after faults appeared during previous trials. Kim’s latest update now identifies Devnet-11 as the next test that developers are watching, indicating that the private testing sequence advanced beyond the earlier plan.

A stable Devnet-11 would give Ethereum client teams another environment for testing the combined Glamsterdam specifications. Layer-2 teams, staking providers and other infrastructure operators need working client implementations before they can safely test their systems against the proposed fork.

Client diversity makes the process more complex. Ethereum operates through several independently developed execution and consensus clients, and the upgrade must work across different client combinations. A fault confined to one implementation can still interrupt a test network when affected validators hold enough weight.

The ACDC #186 agenda records requests from Lido and Optimism for at least one stable day before a fork. The agenda listed client fixes and successful interoperability as matters requiring confirmation before Sepolia.

A failed or unstable Devnet-11 would not automatically cancel the Oct. 6 activation. Developers would need to assess the cause and the time required for repairs. A serious issue could lead them to reconsider the date during an All Core Developers meeting.

Consensus and EIP-8037 bugs extended testing

Earlier Glamsterdam trials exposed faults on both sides of Ethereum’s architecture. Ethereum Foundation developer operations engineer Stefan Starflinger reported that Devnet-8 revealed a consensus-layer problem involving blocks that repeated a parent hash.

“You could get the whole network to stop,” Starflinger said while describing the test scenario.

The issue affected the system responsible for block agreement. Devnet-9 then suffered non-finality, prompting engineers to investigate more edge cases across a larger validator set.

On the execution side, Ethereum Foundation researcher Maria Silva reported an implementation problem involving EIP-8037. The proposal changes how Ethereum charges gas for creating new state, including new accounts, contracts and storage entries.

EIP-8037 separates state-creation costs from normal execution costs through a multidimensional gas model. Its published specification says the design seeks to control state growth as Ethereum raises its block gas limit. The proposal remains under peer review.

The discovered issue required execution clients to revise their implementations and led to specification work. As crypto.news reported in its coverage of Glamsterdam’s earlier devnet progress, EIP-8037 has been tested alongside the upgrade’s other protocol changes.

Testing serves a different purpose from approving each proposal individually. Developers must confirm that all selected changes operate together across multiple clients, validator configurations and transaction patterns.

Hoodi and mainnet dates depend on test results

Developers have declined to schedule Glamsterdam on Hoodi while Sepolia remains conditional. Hoodi is expected to serve as the second public testnet stage, giving staking operators and protocol teams another environment that more closely represents mainnet conditions.

Teku developer Enrico del Fante supported waiting before fixing the Hoodi date. During ACDC #186, he cited the recent Devnet-9 problems and favored allowing more testing time after the Sepolia decision.

A December mainnet activation remains a possible target, not a confirmed launch window. Scheduling Sepolia for early October preserves enough calendar time for another public testnet phase and client release preparation, provided testing progresses without lengthy delays.

Developers have not published a mainnet epoch, activation timestamp or final client release schedule. No formal deadline has been announced for deciding whether Oct. 6 remains suitable for Sepolia.

The immediate procedural event is the planned Devnet-11 launch on Sept. 14. Client teams will examine finality, cross-client behavior and the fixes introduced after earlier tests before deciding whether Sepolia can proceed under the current schedule.