Deep Tide TechFlow message: On July 16, according to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) on Tuesday ordered the prediction market platform Kalshi to stop executing a Michigan state court order to cancel client trades, emphasizing that state courts have no authority to interfere with contract trades under federal regulation.



CFTC Chair Mike Selig said canceling already executed trades is an "unprecedented move," which could trigger market spillover effects and weaken trading certainty. In June, a Michigan state court ordered Kalshi to stop sports prediction trading in that state. After Kalshi filed an emergency request on July 2, the CFTC quickly stepped in to prevent the trades from being undone, to maintain market confidence and contract integrity.
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