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CFTC orders Kalshi to complete Michigan sports trades amid court dispute

Regulation

The CFTC ordered Kalshi to complete open sports event trades made by Michigan customers after a state court barred them, then directed the operator to void and refund unsettled trades. At a House hearing, two former CFTC lawyers described the intervention as extraordinary, while stopping short of judging whether it was justified.

The conflicting federal directive and state court order leave prediction-market operators facing uncertainty over Michigan sports contracts.

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Regulation

Robinhood pauses new Michigan sports contracts under court-approved agreement

Robinhood agreed to stop offering new sports-related event contracts to Michigan customers by the end of Wednesday under an agreement with state officials approved by a US district judge. It must close remaining customer positions by 9 October unless customers close them sooner; Michigan officials agreed to hold off enforcement action while Robinhood complies. The agreement leaves the legal dispute unresolved as related appeals proceed.

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