Kalshi says CFTC, Michigan orders leave it in ‘impossible position’
“We are disappointed by this decision and believe it is unfair to Kalshi,” the company’s legal counsel said on X.
Kalshi says it is being put in an “impossible position” after the US commodities regulator on Tuesday said it was blocking the prediction market platform from canceling trades in Michigan, contradicting a recent state court order.
On June 29, Kalshi was ordered by Ingham County Circuit Court Judge Rosemarie Aquilina to cease offering sports betting contracts to Michigan users while a lawsuit over whether Kalshi violated the state’s sports betting laws plays out. The Commodity Futures Trading Commission ordered Kalshi on Tuesday not to comply with the state order and continue operating.
“We are disappointed by this decision and believe it is unfair to Kalshi,” Robert DeNault, the company’s head of enforcement and legal counsel said in a statement on X.