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CFTC Orders Kalshi to Keep Markets Open Despite Lawsuit

8/13/2026

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Summary

Story summary

CFTC Chair Michael Selig ordered Kalshi to stay open, saying it must preserve a market under the Commodity Exchange Act despite New York’s lawsuit.
New York Attorney General Letitia James filed a July 31 complaint to ban Kalshi, alleging unlicensed gambling.
Better Markets director Benjamin Schiffrin said the CFTC is directing Kalshi to violate court orders.
U.S. President Donald Trump backed the CFTC, calling opposing state officials “SCUM.”

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Story summary

CFTC Chair Michael Selig ordered Kalshi to stay open, saying it must preserve a market under the Commodity Exchange Act despite New York’s lawsuit.
New York Attorney General Letitia James filed a July 31 complaint to ban Kalshi, alleging unlicensed gambling.
Better Markets director Benjamin Schiffrin said the CFTC is directing Kalshi to violate court orders.
U.S. President Donald Trump backed the CFTC, calling opposing state officials “SCUM.”