The CFTC requires Kalshi to continue settling already executed trades involving Michigan residents, despite a state court previously ordering it to stop offering sports event contracts and cancel some trades. CFTC Chair Michael Selig said the state government has no authority to force a designated contract market regulated by the federal government to violate the Commodity Exchange Act, and canceling executed trades could undermine market contract certainty. The move further intensifies the dispute between federal and state regulators over jurisdiction over prediction markets. The CFTC has previously sued multiple states over related issues. (The Block)