CFTC emergency order requires Kalshi to continue operations, citing the risk of closing Bitcoin positions

Comparatively, the US Commodity Futures Trading Commission (CFTC) requires that the forecasting market platform Kalshi continue to operate its exchange in accordance with normal business practices and the core principles of the Commodity Exchange Act. The CFTC previously determined that New York State's attempt to prevent the platform from operating constituted a market emergency.

The CFTC said that forcibly closing a Bitcoin price position up to the end of 2026 could trigger traders to simultaneously cancel positions in Bitcoin and other assets, and expose arbitrators holding opposite positions to one-way risk. The order also lists contracts such as federal funds interest rates, transit in the Strait of Hormuz, and economic downturn. A ruling signed by Connecticut District Court Judge Vernon D. Oliver found that Kalshi sports contracts were not swaps; even if they were swaps, federal law would not take precedence over Connecticut gambling regulations.