CFTC ordered Kalshi to defy Michigan court's trade-cancellation order, invoking emergency power unused in 46 years
On July 14, 2026, the Commodity Futures Trading Commission stayed a proposed rule change by prediction-market platform Kalshi that would have brought it into compliance with a Michigan state court order, and separately invoked emergency authority to order Kalshi to fulfill the disputed trades instead. CFTC Chairman Michael S. Selig said the commission would not let states "bully" federally regulated exchanges, the first time the agency has used this power against a state court ruling in 46 years.
