Commodity exchanges are urging the U.S. Commodity Futures Trading Commission (CFTC) not to approve Kalshi Inc.'s proposed perpetual oil futures contract. The Commodity Markets Council, representing derivatives exchanges and trading firms including CME Group Inc., informed the CFTC that perpetual futures pose significant risks to market integrity. At the same time, exchanges are also calling for the closure of regulatory loopholes that allow retail traders to access offshore platforms.