Michigan court blocks Kalshi in state dispute

Michigan officials said a state court has issued a preliminary injunction that blocks Kalshi from offering event contracts to residents while the legal dispute continues. Attorney General Dana Nessel said the order is meant to stop what the state describes as unlicensed sports betting presented as an investment product. The ruling follows an earlier restraining order in June, and Michigan said violations could carry daily fines of up to $500,000. Kalshi has argued that federal regulators told it not to follow the state order, placing the company in a difficult position. The case is part of a wider national fight over whether prediction markets are regulated by the federal Commodity Futures Trading Commission or by state authorities. The issue may soon reach the US Supreme Court, after New Jersey filed a petition asking the justices to review a related case.