Kalshi asked the SEC not to immediately approve Cboe Global Markets’ proposed binary options tied to company-specific key performance indicators, arguing that regulators should first determine whether the products are swaps, security-based swaps or securities options. The request comes as the SEC and CFTC seek public input on their respective authority over event-based contracts. Cboe and CME Group have separately criticized aspects of the CFTC’s approach to prediction markets, while Kalshi is pursuing its own CFTC approval for perpetual equity futures. The dispute could shape how corporate, sports and political outcome contracts are regulated in the United States.