CFTC blocks Kalshi from canceling prediction market trades per Michigan court order

Odaily News: Kalshi had planned to cancel prediction market trades made by Michigan customers in accordance with a court order, but the U.S. Commodity Futures Trading Commission stepped in, stating that Michigan lacks the authority to intervene in these contracts. The CFTC prevented the company from complying with the court order, which stemmed from Michigan's recent attempt to halt sports betting. Michigan's Attorney General argued these trades constitute illegal gambling. Michigan is one of several states where the derivatives regulator is defending its legal authority over prediction markets. (CoinDesk)