TechFlow reports, July 16, according to Cointelegraph, prediction market platform Kalshi stated that conflicting directives from the U.S. Commodity Futures Trading Commission (CFTC) and the Michigan court have placed it in an "impossible situation." On June 29, the Michigan court required Kalshi to stop offering sports betting contracts to users in the state, but the CFTC ordered it on Tuesday not to comply with the state directive and to continue operations.
Kalshi's Head of Legal Robert DeNault stated that the company has canceled relevant transactions as required by the state court, but federal regulatory obligations conflict with state court orders. CFTC Chairman Michael Selig stated that canceling executed transactions would undermine market certainty, and the commission will not allow state-level agencies to force registered entities to violate the Commodity Exchange Act.
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