CFTC 暂缓 KalshiEX 规则变更并行使紧急权力以命令履行待处理交易

CFTC 维持 KalshiEX 规则变更并行使紧急权力以命令履行待处理交易 |美国商品期货交易委员会
版本号 9267-26
CFTC 暂缓 KalshiEX 规则变更并行使紧急权力以命令履行待处理交易
2026 年 7 月 14 日
华盛顿——商品期货交易委员会今天行使其权力，暂缓 KalshiEX, LLC 提议的紧急规则变更，以回应密歇根州法院的一项命令，该命令指示该公司取消某些先前执行的涉及密歇根州居民的交易。 CFTC 还行使其紧急权力，命令 KalshiEX, LLC 按照其正常做法履行未平仓交易。
《商品交易法》要求 CFTC 为衍生品交易提供统一的全国市场。市场参与者必须能够公平地进入商品期货交易委员会监管的市场，注册实体必须采用以非歧视方式实施的透明准入标准。委员会还负责通过保证市场的弹性和可预测性（包括交易的执行和清算）来确保公众对衍生品市场的持续信心。
“州不能强迫 DCM 违反其义务，联邦法律也不允许 DCM 歧视本州居民，”主席 Michael S. Selig 说。 “取消已经执行的交易是前所未有的一步，可能会对整个市场产生连锁效应，并破坏合同的确定性，而合同是市场正常运作的必要组成部分。委员会不会允许州或州法院欺凌注册实体违反《商品交易法》和 CFTC 法规。”
尽管密歇根州是第一个尝试直接干预已执行的衍生品交易的州，但各州已尝试在全国各地的州和联邦法院对 CFTC 监管的 DCM 采取执法行动。为了保护国会授予的管辖权，CFTC 已对亚利桑那州、康涅狄格州、伊利诺伊州、肯塔基州、明尼苏达州、新墨西哥州、纽约州、罗德岛州和威斯康星州提起诉讼。该委员会还向美国第六和第九巡回上诉法院以及马萨诸塞州最高法院提交了法庭之友陈述。
-CFTC-

CFTC Stays KalshiEX Rule Change and Exercises Emergency Authority to Order Fulfillment of Pending Trades | CFTC
Release Number 9267-26
CFTC Stays KalshiEX Rule Change and Exercises Emergency Authority to Order Fulfillment of Pending Trades
July 14, 2026
WASHINGTON — The Commodity Futures Trading Commission today exercised its authority to stay an emergency rule change proposed by KalshiEX, LLC in response to a Michigan state court order directing the company to cancel certain previously executed trades involving Michigan residents. The CFTC also exercised its emergency authority to order KalshiEX, LLC to fulfill the open trades in accordance with its normal practices.
The Commodity Exchange Act requires the CFTC to provide a uniform national market in derivatives transactions. Market participants must have impartial access to CFTC-regulated markets and registered entities must adopt transparent access criteria that are applied in a non-discriminatory manner. The Commission is also tasked with ensuring continued public confidence in derivatives markets by guaranteeing market resilience and predictability, including in the execution and clearing of transactions.
“A state cannot force a DCM to violate its obligations, and federal law does not permit a DCM to discriminate against a state’s residents,” said Chairman Michael S. Selig. “Canceling trades that have already been executed is an unprecedented step that risks a cascading effect on the entire marketplace and undermines the certainty in contracting that is a necessary component of a functioning market. The Commission will not allow states or state courts to bully registered entities into violating the Commodity Exchange Act and CFTC regulations.”
Although Michigan is the first state to attempt to interfere directly with executed derivatives transactions, states have attempted to bring enforcement actions against CFTC-regulated DCMs in state and federal courts throughout the nation. To protect the jurisdiction granted to it by Congress, the CFTC has filed lawsuits against Arizona, Connecticut, Illinois, Kentucky, Minnesota, New Mexico, New York, Rhode Island, and Wisconsin. The Commission has also filed amicus briefs in the U.S. Court of Appeals for the Sixth and Ninth Circuits and the Supreme Judicial Court of Massachusetts.
-CFTC-