US derivatives regulator blocks Kalshi from canceling Michigan trades despite court order

The US Commodity Futures Trading Commission has blocked prediction market platform Kalshi from canceling sports betting trades in Michigan, despite a state court order directing it to do so. The CFTC said the state court order interferes with federal law, which permits trade in most sports-related event contracts. The dispute is part of a broader clash between federal regulators backing the prediction market industry and around two dozen states and Native American tribes seeking to restrict sports betting offerings.