Phantom Integrates Kalshi for US Users
Crypto wallet Phantom has officially launched a new integration allowing United States users to trade CFTC-regulated event contracts directly through Kalshi. As Cointelegraph by Nate Kostar at Cointelegraph reported on Wednesday, the rollout brings Kalshi's prediction markets to the popular wallet interface just as the platform navigates growing legal challenges across the country.
The integration requires users to route their trading through verified Kalshi accounts to ensure compliance with federal regulations. However, the rollout is not entirely nationwide. According to reporting by The Defiant Team at The Defiant, Phantom's regional guide explicitly excludes residents of Michigan, Nevada, and Washington from participating in the newly integrated markets. Traders looking to optimize their strategies on the platform can utilize the best Kalshi tools to track these new wallet-based flows.
Expanding Amid Legal and Political Scrutiny
Phantom's integration arrives during a turbulent week for Kalshi's regulatory standing. On Wednesday, Utah Attorney General Derek Brown filed 13 felony counts and one misdemeanor against Kalshi and its co-founders, Tarek Mansour and Luana Lopes Lara, over alleged illegal gambling promotion, as noted by Dustin Gouker at The Event Horizon. Brown stated that federal registration does not put the company above state law. In response, a Kalshi spokesperson called the charges a "crazy overreach," while the CFTC has filed its own lawsuit against Utah to block the state's enforcement efforts. This ongoing friction continues to complicate the landscape for Kalshi vs Polymarket and other event contract providers.
Meanwhile, as prediction markets gain mainstream wallet integrations and face heightened scrutiny over potential manipulation, new academic research suggests these platforms remain politically neutral. An October 2026 working paper by Eric Zitzewitz at NBER analyzed prediction market returns from 1880 to 2025. The research found no evidence of systematic overpricing for either left- or right-leaning candidates across a variety of subsamples. While Zitzewitz noted that most political prediction markets exhibit a standard favorite-longshot bias, and near-term polling markets show a negligible overpricing of left-leaning outcomes, actual election markets yield predictions without systematic political bias—even if the traders themselves do not represent the broader voting population.