U.S. CFTC moves to stop Kalshi from canceling trades as ordered by Michigan court
The U.S. CFTC is intervening to prevent a Michigan court from forcing the prediction market Kalshi to cancel previously executed trades. The agency argues that state-level interference undermines federal regulatory authority over commodity markets.
Why it matters
This case highlights a significant jurisdictional conflict between federal regulators and state governments regarding the legality and oversight of prediction markets.
The CFTC move amplifies its legal fight with state governments and courts over what its chairman argues is its unbreakable and exclusive regulatory authority over trading at Kalshi, which it regulates as a designated contract market (DCM).
The article reports on a legal dispute, presenting the CFTC's perspective while acknowledging the state's actions.
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