CFTC Blocks Michigan Court Order Requiring Kalshi to Reverse Prediction Market Trades

The CFTC ordered Kalshi not to comply with a Michigan court directive requiring the company to cancel and refund certain customer trades. The agency argues it has exclusive authority to regulate Kalshi as a federally registered DCM under the Commodity Exchange Act. CFTC Chairman Mike Selig said the commission will not allow state courts to override federal oversight of regulated prediction markets.