TechFlow news, June 30: According to Reuters, Michigan Ingham County Circuit Court Judge Rosemarie Aquilina issued a temporary restraining order against prediction market platform Kalshi on June 29 local time upon the application of State Attorney General Dana Nessel, prohibiting it from offering sports event contract trading to Michigan residents and requiring it to integrate third-party geolocation services licensed by the State Gaming Control Board, otherwise facing a fine of $120,000 per day.
Michigan thus becomes the second state to ban Kalshi via court injunction following Nevada, while similar injunctions in Massachusetts have been stayed due to Kalshi's appeal. Kalshi maintains that its business falls under the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) and stated it will continue to fight in court.
