At a Congressional hearing on Tuesday, two former Commodity Futures Trading Commission (CFTC) counsels agreed that the commission took an “extraordinary” and unprecedented step by directly ordering Kalshi to defy a court ruling in Michigan.
During a two-hour meeting of the House Committee on Agriculture’s Subcommittee on Commodity Markets, Digital Assets, and Rural Development, the CFTC's actions towards Kalshi were scrutinized. The commission's decision to instruct Kalshi to disregard a Michigan court's ruling was deemed remarkable and unusual by the former counsels.
The hearing shed light on the regulatory complexities surrounding Kalshi's case and raised questions about the extent of the CFTC's authority in such matters, sparking discussions on the implications of the commission's directive.
