The Solana wallet now lets verified US users trade regulated event contracts in-app, while Kalshi battles states over whether its markets count as gambling
Phantom, one of the most popular wallets on Solana , is putting prediction markets directly inside its app for US users. Through an integration with Kalshi, users can now trade event contracts on politics, sports, the economy and crypto without leaving the wallet.
The integration was officially announced in December 2025. It puts Kalshi’s markets in front of a user base of approximately 20 million Phantom users.
Inside the app, users can trade tokenized positions across Kalshi’s markets. The feature includes real-time odds, notifications when contracts settle, and a community chat.
Trading requires a linked Kalshi account and full identity verification, known as KYC, short for “know your customer.” Users need to provide a US phone number and a government-issued ID, and they may also go through Socure checks.
Funds also stay separate. Balances held on Kalshi do not live in the user’s Phantom wallet. Phantom acts as the front door, while Kalshi keeps custody of the money used for trading.
Phantom announced that it will shift its prediction market infrastructure away from Kalshi’s backend after June 2026, allowing for automatic on-chain settlements through a different provider.
Kalshi is registered with the Commodity Futures Trading Commission, or CFTC, the federal regulator that oversees futures and other derivatives. Its event contracts let people take positions on whether something will happen, such as an election result or an economic data release.
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That disagreement is now playing out in legal fights across multiple states. The core question is whether state gambling laws apply to these contracts or whether federal CFTC rules take precedence.
Utah offers a clear example. On October 20, 2026, the state’s Attorney General sued Kalshi, alleging that it runs illegal gambling operations. The suit seeks restitution for millions in fees connected to accounts in Utah.
Kalshi reportedly saw billions in trading activity around the time of the Phantom integration.
For Kalshi, Phantom is a distribution win. Reaching approximately 20 million wallet users through a single integration is the kind of growth that would take years through traditional marketing.
The legal risk is the obvious shadow over all of this. If states succeed in classifying Kalshi’s contracts as gambling, access could shrink in some jurisdictions.
For traders, the practical takeaway is to keep the structure in mind. Money on Kalshi is held separately from Phantom wallet assets, and the regulatory status of these contracts is still being argued in court.
The larger story is the collision between federal and state authority over event contracts. Kalshi’s CFTC registration gives it a strong argument, but states are not backing down. Until courts settle the question, every new integration that widens Kalshi’s reach also widens the stakes of that fight.