Kalshi launches Zcash and SHIB perps as lawsuit heats up

Kalshi has expanded its CFTC-regulated crypto perpetuals lineup to 13 digital assets after launching new contracts tied to Zcash, Near Protocol, and Shiba Inu, while legal battles over the platform’s products continue to intensify.

According to Kalshi’s latest listings, the prediction market operator has expanded its “American Perpetuals” lineup with contracts tied to Zcash (ZEC) and Near Protocol (NEAR), while Dogecoin (DOGE) and Shiba Inu (SHIB) perpetuals are also now available for trading. The additions bring the total number of supported crypto assets to 13, alongside Bitcoin and other altcoins.

The contracts are available through a structure approved by the U.S. Commodity Futures Trading Commission and do not carry expiration dates.

Recent filings submitted by Kalshi show the platform sought regulatory clearance for the new products on Tuesday. Zcash perpetuals are being offered with up to 2x leverage, while Near contracts allow leverage of up to 2.6x. Shiba Inu’s perpetual contract, listed under the ticker KSHIB, also carries a maximum leverage ratio of 2x. Dogecoin perpetuals are also listed on the platform as part of the latest wave of CFTC-approved crypto contracts.

The additions follow an earlier wave of filings covering assets including XRP, Solana, Dogecoin, Chainlink, Litecoin, Bitcoin Cash, Sui, Hyperliquid, Polkadot, Hedera, and Stellar. Kalshi has already secured approval for most of those products, though contracts linked to Stellar, Polkadot, and Hedera remain under review by the CFTC.

Legal scrutiny has grown around perpetual contracts

While Kalshi continues adding crypto products, regulatory questions surrounding the structure of perpetual contracts have become more prominent. As previously reported by crypto.news, CME Group filed a lawsuit against the CFTC and Chairman Michael Selig, arguing that certain contracts approved by the agency should be classified as swaps rather than futures products.

The debate has expanded beyond crypto markets. Earlier today, the CFTC sued Kentucky in federal court after the state sought to enforce gaming laws against Kalshi, Polymarket, and brokerage partners connected to Coinbase, Robinhood, and Webull.

In its complaint, the regulator argued that designated contract markets operating under federal oversight fall under the Commodity Exchange Act rather than state gaming regulations. Kentucky, however, maintains that sports-linked event contracts meet the state’s definition of sports wagering and should remain subject to local licensing requirements.

At the same time, regulators are seeking public feedback on how derivatives products should be classified. The SEC and CFTC have jointly requested comments on definitions involving swaps and related instruments, an issue that has gained urgency as event-based trading products become more common.

Traditional exchanges are moving toward similar products

Interest in perpetual-style contracts has also spread across traditional financial markets. As reported by crypto.news, CBOE Global Markets has begun evaluating whether its continuous Bitcoin and Ether futures could be converted into perpetual contracts after crypto perpetuals generated more than $8.5 billion in trading volume on Kalshi within weeks of launch.

Charles Schwab has likewise entered the prediction-markets segment through a partnership with CBOE, introducing all-or-nothing contracts tied to the performance of the S&P 500. The brokerage joins firms including CME Group and Interactive Brokers that have recently expanded into event-driven trading products.

Outside the United States, Kalshi is facing a different challenge. An updated members’ agreement published on Wednesday shows the company has added India to its list of restricted jurisdictions.

Indian authorities have classified prediction-market platforms under the Promotion and Regulation of Online Gaming Act 2025, arguing that products involving real-money speculation on uncertain outcomes can fall within prohibited betting activity regardless of how operators describe them.