CFTC blocks Kalshi from canceling prediction market trades as ordered by Michigan court

Odaily Planet Daily News Kalshi had originally planned to cancel prediction market trades placed by Michigan customers in compliance with a court order, but the U.S. Commodity Futures Trading Commission intervened, stating that Michigan has no authority over the contracts. The CFTC prevented the company from carrying out the court order, which stemmed from Michigan's recent attempt to halt sports-related trading. Michigan's Attorney General claimed that such trades constitute illegal gambling. Michigan is one of several states defending their legal authority over prediction markets against federal derivatives regulators. (CoinDesk).