Federal agency intervenes in Michigan’s legal fight over Kalshi sports contracts

A federal board overseeing futures trading blocked Kalshi, a prediction market platform, from canceling existing sports betting contracts in response to a Michigan court order requiring the company to stop offering such contracts to state residents. The Commodity Futures Trading Commission argued that federal law prohibits states from forcing registered entities to violate federal regulations, while Michigan's attorney general claimed the state must protect residents and enforce its sports betting laws.