The federal derivatives regulator, which oversees trading at Kalshi, argued it was inappropriate for Michigan to "bully" the firm into reversing trades.
- Kalshi was about to reverse prediction market trades made by its Michigan customers in answer to a court order, but the U.S. Commodities Trading Commission stepped in and argued that Michigan had no right to interfere with contracts.
- The CFTC halted the company from fulfilling the court order, which stemmed from the state's recent efforts to halt sports trades that its attorney general said represents illegal gambling.
- Michigan is the latest of several states in which the U.S. derivatives regulator is defending its legal authority over prediction markets.
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Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters :
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
U.S. regulator warns prediction markets against cutting corners in event contracts
Europe's high regulatory bar could spark new crypto industry M&A wave
Senate Dems should accept the victory they won on Trump's crypto limits: White House
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