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CFTC bars Kalshi from cancelling Michigan users’ trades

Regulation

The CFTC has ordered Kalshi not to cancel trades placed by Michigan users, after a state court directed the platform to stop offering sports-related event contracts and void, cancel and refund certain transactions. The commission said complying with the state order would conflict with federal rules governing designated contract markets. Kalshi had sought CFTC guidance on 2 July.

The conflicting orders leave Kalshi facing different federal and state requirements for Michigan event-contract trades.

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Regulation

Arkansas sues Kalshi over alleged unlicensed gambling

Arkansas has sued Kalshi in Independence County Circuit Court, alleging that its event contracts amount to gambling offered to residents without a state licence. The complaint seeks consumer restitution, civil penalties, taxes and an injunction; the amounts have not been determined, and the allegations have not been assessed by a judge. Kalshi has not publicly responded to this complaint.

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