Regulated Launch Proceeds

Kalshi's filing survives the initial regulatory window and the company launches a small, regulated oil futures product with decade-linked expirations. The most likely near-term outcome is a controlled launch because Kalshi has recent court momentum, but regulators still have incentives to limit systemic or retail-conduct risk.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.