By Isaac • July 14, 2026 5:16 pm •
A Michigan judge told Kalshi to cancel and refund certain trades. The federal derivatives regulator has now told Kalshi to let those same trades finish.
Both directives are aimed at the same contracts. They point in opposite directions.
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That makes Tuesday’s intervention by the Commodity Futures Trading Commission more than another argument over whether a sports prediction contract is gambling.
It is now a direct fight over who controls an already-executed trade on a federally regulated exchange.
The CFTC said it stayed an emergency rule change filed by KalshiEX and ordered the company to fulfill pending trades involving Michigan residents.
Kalshi had proposed the rule after an Ingham County Circuit Court order required the platform to
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