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Event File FINTECH Prediction Markets U.S. Securities and Exchange Commission (SEC)

Kalshi Urges SEC to Delay Cboe Binary KPI Options

1 reports · First detected 2026-08-26 · Last active 2026-08-26

Kalshi operates a prediction market as a designated contract market overseen by the Commodity Futures Trading Commission. Cboe Exchange’s proposal would introduce cash-settled binary options tied to corporate key performance indicators, including earnings per share and revenue, under the Securities and Exchange Commission’s framework. The overlap matters because economically similar yes-or-no contracts could be classified and regulated differently depending on whether they trade as event contracts, securities options, swaps or security-based swaps.

In an Aug. 5, 2026 letter, Kalshi asked the SEC to open formal proceedings under Section 19(b)(2)(B) and defer action on Cboe’s SR-CBOE-2026-061 proposal. The SEC notice was published July 15, while comments on a joint SEC-CFTC review of product definitions were due Aug. 24. A separate comment period for Cboe Clear US’s clearing-agency application runs through Sept. 8. Kalshi said the SEC should wait until product-classification questions, clearing arrangements and required FINRA and market-system rule changes have been resolved.

All Coverage

1 original reports
PYMNTS.COM 2026-08-26
Kalshi Asks SEC to Slow Product Launches From Rival Cboe

The Backstory

The history behind this event
Cboe Predicts Launches Binary Options to Challenge Prediction Markets2026-06-24 · 2 reports · similarity 0.81

Prediction markets allow traders to wager on event outcomes, but platforms such as Polymarket and Kalshi are primarily regulated by the U.S. Commodity Futures Trading Commission (CFTC) and frequently face compliance disputes. Cboe is taking a different approach with index binary options regulated by the U.S. Securities and Exchange Commission (SEC) and cleared by the Options Clearing Corporation (OCC), bringing prediction-style trading into the established securities-market framework.

Cboe launched Cboe Predicts on June 23, 2026. Its Mini-S&P 500 Index binary options, trading under the symbols XSPBW and XSPBX, are available on Interactive Brokers. Traders can wager on whether XSP will expire above a specified level, receiving $100 if correct and $0 otherwise. XSP is one-tenth the size of SPX.

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