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CFTC blocks Kalshi from unwinding Michigan trades, escalating federal-state prediction-market fight

The CFTC stayed an emergency Kalshi rule that would have force-liquidated certain previously executed event-contract positions held by Michigan residents. It directed the exchange to fulfill the open trades normally, asserting exclusive federal jurisdiction and warning that court-ordered unwinds could damage price discovery and confidence across derivatives markets.

PriorityURGENT90.2
First detected6d ago
Last development6d ago
Event date2026-07-14

Sources (3)

Origin

  • cftc.govofficial_statementprimary
    CFTC — CFTC Stays KalshiEX Rule Change and Orders Fulfillment of Pending Trades7d ago · open ↗
  • cftc.govprimary_documentprimary
    CFTC Order Staying KalshiEX Emergency Rule7d ago · open ↗

Confirmation

  • coindesk.comweb_articleindependent
    CoinDesk — CFTC moves to stop Kalshi from canceling trades6d ago · open ↗
read-only view · Andrew Asks How newsroomdata through 6d ago · refreshes every minute