Woofun AI reports that the U.S. Commodity Futures Trading Commission has prevented Kalshi from canceling prediction market contracts held by Michigan residents. The regulator asserted that the state lacks authority over these derivatives, overriding a court order stemming from Michigan’s attempt to halt sports-related trading. Michigan’s Attorney General contends such activity constitutes illegal gambling, marking one of several states where the CFTC is defending its legal jurisdiction over prediction markets.