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ETH The U.S. Commodity Futures Trading Commission reviews nearly one million similar-sized ether transactions in Kalshi
The U.S. Commodity Futures Trading Commission (CFTC) is reviewing nearly one million similar-sized ether perpetual contract transactions on the Kalshi platform, which generated more than US$5 billion in transaction volume in the past month. Kalshi attributed the size of duplicate transactions to market makers 'orders and emphasized that its risk control mechanism prohibits self-trading and coordinated knock-on transactions.
Previously, an order issued by the CFTC in August allowed Kalshi to continue operating while New York State filed a lawsuit against him. Currently, regulators are focusing on reviewing activity in their Ethereum market.
Questions and investigations on trading patterns
According to the Wall Street Journal, nearly one million transactions of ether perpetual contracts on the Kalshi platform generated more than US$5 billion in transaction volume in the past month. Recently, more than one-third of transactions in the Kalshi Single Market have been concentrated around a specific amount of approximately US$5,500, raising questions about whether this volume reflects real market activity.
It is reported that the CFTC is reviewing the trading pattern before deciding whether to launch a formal investigation, but declined to comment on this or publish any findings of violations.
Some traders have accused the existence of "Wash Trading", which means trading is carried out without a real economic purpose. Such transactions may be misleading to market activity. Kalshi denied the allegations and offered an alternative explanation for the recurring transaction amounts.
Kalshi解释重复的以太币交易规模
Kalshi指出，有数百名不同的交易者参与了这些交易。该公司认为，速度较快的交易者反复成交了做市商设定的固定规模订单，从而产生了大量价值几乎相同的交易记录。
Kalshi表示，其系统能够防止交易者匹配自己的订单，同时公司严禁协调性的对敲交易并持续监控违规行为。根据Kalshi的说法，其流动性计划向做市商支付费用，以维持特定规模和价差下的订单挂单，这与实际交易量无关。
此外，Kalshi提到有一项临时项目向符合条件的成员退还手续费，尽管这些成员清理了自己的交易，但Kalshi强调退款金额不能超过已支付的手续费。《华尔街日报》指出，Jump Trading和Wintermute是涉及的公司之一。Jump Trading表示其独立进行盈利交易，并防止自我匹配。
8月的命令揭示了Kalshi面临的另一场监管争议
此次对以太币交易的审查，紧随8月份一起关于纽约州能否限制Kalshi事件合约的独立争议之后。8月11日，CFTC动用紧急权力，命令Kalshi继续按照联邦市场规则运营。
纽约州总检察长莱蒂蒂亚·詹姆斯（Letitia James）于今年7月起诉Kalshi，要求阻止其发行事件合约并追回超过360亿美元的款项。CFTC主席迈克尔·塞利格（Michael Selig）辩称，联邦法律管辖跨州衍生品市场，而目前的审查仅针对Kalshi以太币市场的交易活动。
