CFTC Blocks Michigan Court Order Requiring Kalshi to Cancel Trades

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The U.S. Commodity Futures Trading Commission has intervened to prevent prediction market platform Kalshi from being forced to cancel trades as directed by a Michigan court. The federal regulator, which has oversight authority over Kalshi's trading operations, argued that the state court's order amounted to inappropriate interference with a federally regulated entity. The CFTC characterized Michigan's attempt to compel the trade reversals as an effort to 'bully' the firm. The move highlights a jurisdictional clash between state and federal authority over the regulation of prediction markets.

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