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Story summary
- The U.S. Commodity Futures Trading Commission is reviewing Kalshi’s crypto futures for wash trading.
- Kalshi says it has not been contacted by the CFTC about the review.
- Researchers examined 4.1 million Kalshi trades worth $11.5 billion from Sept. 5-18, 2026, finding half in fixed-dollar clusters.
- $5.87 billion (51%) of the examined volume clustered in trade-size groups across ether and bitcoin.
- Ether futures logged nearly one million $5,500 trades, generating $5 billion and a 174-times volume-to-open-interest ratio signaling wash trading.
