CFTC Issues a Mandatory Order for Kalshi to Execute Trading on Michigan, Escalating the Ongoing Dispute Over Federal and State Regulatory Authority

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Deep Tide TechFlow message: On July 15, according to The Block, the U.S. Commodity Futures Trading Commission (CFTC) on July 14 officially ordered prediction market platform Kalshi to fulfill all trades involving Michigan residents, directly taking on the previous 14-day injunction issued by a Michigan court—an order that required Kalshi to stop offering sports-related event contracts and cancel some already executed trades.

CFTC Chair Michael Selig said state governments have no authority to force a registered designated contract market (DCM) to violate federal obligations, and forcibly unwinding executed trades would create ripple effects across the entire market, severely harming market contract certainty. Michigan Attorney General Dana Nessel, meanwhile, insisted that Kalshi is essentially an unauthorized online gambling platform, and Michigan’s gambling laws apply to it as well.

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