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The U.S. CFTC has intervened in the dispute between Kalshi and a court in Michigan, ordering it to stop canceling customer trades.

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ME News: On July 15 (UTC+8), the U.S. Commodity Futures Trading Commission (CFTC) stepped in in a dispute between the Michigan state court and prediction market company Kalshi, issuing an order prohibiting Kalshi from meeting the local court’s request to cancel its previously executed customer trades. CFTC Chair said the CFTC has an unshakeable exclusive regulatory authority over Kalshi’s trades and will regulate Kalshi as a Designated Contract Market (DCM). The CFTC said, “Cancelling already executed trades is an unprecedented move that could have ripple effects across the entire market and undermines contract certainty, which is a necessary component of the market’s normal operation.” In June this year, a Michigan county circuit court, at the request of the state attorney general, ordered Kalshi to stop its online sports betting business in the state. On July 2, Kalshi filed an emergency request with the CFTC, planning to respond to the court’s order by rescinding and refunding some trades of Michigan users. (Source: Foresight News)
KALSHI-3.61%
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