TechFlow news, July 16. According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) ordered on Tuesday to prevent prediction market platform Kalshi from executing the Michigan court order requiring the cancellation of customer trades, emphasizing that state courts have no authority to interfere with federally regulated contract trading.
CFTC Chairman Mike Selig stated that canceling executed trades is an "unprecedented move" that could trigger market chain reactions and undermine trading certainty. In June, the Michigan court required Kalshi to stop sports prediction trading in the state. After Kalshi submitted an emergency request on July 2, the CFTC quickly intervened to prevent the trade revocation to maintain market confidence and contract integrity.
