Kalshi says CFTC hasn’t contacted it over ‘unusual’ $5B trading activity
Kalshi says it has not been contacted by the CFTC and does not believe it is under formal examination, despite reports that regulators are reviewing trading in its Ether perpetual futures market. The scrutiny centers on repeated trades around $5,500 that some have alleged may be wash trading. Kalshi says the pattern is normal for liquidity incentive programs and reflects genuine market activity, not manipulation. It argues the fixed-size trades fit a model where a market maker posts resting orders that many traders execute against, often at stale prices. The company says hundreds of distinct traders were involved and that takers generally profited while the maker lost, which it says is inconsistent with wash trading. Kalshi also says rapid growth in its perp business reflects strong demand and market-making incentives.
