“You Can’t Do That”: CFTC Tells Michigan to Back Off Kalshi Trade Cancellations

The CFTC ordered Kalshi not to cancel trades as demanded by a Michigan court. A Michigan county court had told Kalshi to void and refund certain sports-related trades. CFTC Chairman Mike Selig said states cannot bully federally regulated entities. Michigan is the first state to try to directly interfere with transactions at a designated contract market.