U.S. CFTC moves to stop Kalshi from canceling trades as ordered by Michigan court
COINDESK ·
"Canceling trades that have already been executed is an unprecedented step that risks a cascading effect on the entire marketplace and undermines the certainty in contracting that is a necessary component of a functioning market," Selig said. In June, a county circuit court in Michigan ordered Kalshi to cease online sports wagers in the state — a halt requested by the state's attorney general. On July 2, Kalshi submitted an emergency request to the CFTC about responding to a court order to have certain Michigan users' trades "‘voided, cancelled and refunded." The CFTC ordered the company to stand down and said in its order that allowing the reversals "would risk shattering public confidence by giving traders cause to worry that the trades they execute today may be unwound a week — or a year — later."
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