CME Group & Kalshi

CME Group: CME Group offers CME-listed futures, which Kraken already integrates into its platform alongside the new perpetual futures, providing a comprehensive trading suite.

Kalshi: Kalshi's bitcoin perpetual contracts were approved by the CFTC in May, setting a precedent that helped pave the way for Kraken's own launch of regulated perpetual futures.

CME Group: CME Group sued the United States — United States Commodity Futures Trading Commission and Michael S. Selig over the approval of U.S. crypto perpetual futures, arguing the contracts were misclassified, which adds to the regulatory pressure on the CFTC.

Kalshi: Kalshi is another prediction market operator facing regulatory scrutiny and legal challenges, similar to Polymarket, regarding jurisdiction and potential insider trading.