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USITC Institutes Section 337 Investigation of Certain Convertible Child Highchairs
WASHINGTON, July 15 -- The U.S. International Trade Commission issued the following news release:
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USITC Institutes Section 337 Investigation of Certain Convertible Child Highchairs
The U.S. International Trade Commission (Commission or USITC) voted to institute an investigation of certain convertible child highchairs. The products at issue in the investigation are described in the Commission's notice of investigation.
The investigation is based on a complaint filed on behalf of Kids2, LLC of Atlanta, Georgia, on June 12, 2026. A letter supplementing the complaint was filed on June 30,
... Show Full Article
WASHINGTON, July 15 -- The U.S. International Trade Commission issued the following news release:
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USITC Institutes Section 337 Investigation of Certain Convertible Child Highchairs
The U.S. International Trade Commission (Commission or USITC) voted to institute an investigation of certain convertible child highchairs. The products at issue in the investigation are described in the Commission's notice of investigation.
The investigation is based on a complaint filed on behalf of Kids2, LLC of Atlanta, Georgia, on June 12, 2026. A letter supplementing the complaint was filed on June 30,2026. The complaint, as supplemented, alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain convertible child highchairs that infringe certain claims of the patents asserted by the complainant. The complainant requests that the USITC issue a limited exclusion order and cease and desist orders.
The USITC has identified the following respondents in this investigation:
* Graco Children's Products Inc., Atlanta, Georgia
* Newell Brands Distribution LLC, Newville, Pennsylvania
* Newell Brands Inc., Atlanta, Georgia
* Newell Brands Canada ULC, Bolton, Canada
* Baby Trend, Inc., Fontana, California
By instituting this investigation (337-TA-1510), the USITC has not yet made any decision on the merits of the case. The USITC's Chief Administrative Law Judge will assign the case to one of the USITC's administrative law judges (ALJ), who will schedule and hold an evidentiary hearing. The ALJ will make an initial determination as to whether there is a violation of section 337; that initial determination is subject to review by the Commission.
The USITC will make a final determination in the investigation at the earliest practicable time. Within 45 days after institution of the investigation, the USITC will set a target date for completing the investigation. USITC remedial orders in section 337 cases are effective when issued and become final 60 days after issuance unless disapproved for policy reasons by the U.S. Trade Representative within that 60-day period.
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Original text here: https://www.usitc.gov/press_room/news_release/2026/er0714_68918.htm
NRC to Update Public on Crane Clean Energy Center Restart
WASHINGTON, July 15 -- The Nuclear Regulatory Commission issued the following news release on July 14, 2026:
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NRC to Update Public on Crane Clean Energy Center Restart
KING OF PRUSSIA, PA. -- The NRC will hold a hybrid public meeting on the possible restart of the Crane Clean Energy Center (formerly Three Mile Island Unit 1).
What: NRC and FEMA presentations on environmental, emergency preparedness, and
inspection topics.
Where: Kulkarni Theatre, Student Enrichment Center, Penn State Harrisburg,
777 West Harrisburg Pike, Middletown, PA
When: July 28, 6-8:30 p.m.
How: Attend in person
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WASHINGTON, July 15 -- The Nuclear Regulatory Commission issued the following news release on July 14, 2026:
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NRC to Update Public on Crane Clean Energy Center Restart
KING OF PRUSSIA, PA. -- The NRC will hold a hybrid public meeting on the possible restart of the Crane Clean Energy Center (formerly Three Mile Island Unit 1).
What: NRC and FEMA presentations on environmental, emergency preparedness, and
inspection topics.
Where: Kulkarni Theatre, Student Enrichment Center, Penn State Harrisburg,
777 West Harrisburg Pike, Middletown, PA
When: July 28, 6-8:30 p.m.
How: Attend in personor via Microsoft Teams (https://events.gcc.teams.microsoft.com/event/a462aa20-7b2a-4738-93ab-77d5cd5655a3@e8d01475-c3b5-436a-a065-5def4c64f52e).
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Original text here: https://www.nrc.gov/sites/default/files/cdn/doc-collection-news/2026/26-019-i-a.pdf
FTC Approves Final Order Against TruHeight for Deceptive and Unsubstantiated Advertising of Supplements for Kids and Teens
WASHINGTON, July 15 -- The Federal Trade Commission issued the following news release:
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FTC Approves Final Order Against TruHeight for Deceptive and Unsubstantiated Advertising of Supplements for Kids and Teens
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The Federal Trade Commission finalized an order with Vanilla Chip LLC-which does business as TruHeight-and its two principals requiring them to pay $750,000, while barring them from making false or unsupported health claims and using fake or incentivized consumer reviews.
The order finalized by the Commission settles allegations, brought by the FTC in April 2026, that TruHeight
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WASHINGTON, July 15 -- The Federal Trade Commission issued the following news release:
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FTC Approves Final Order Against TruHeight for Deceptive and Unsubstantiated Advertising of Supplements for Kids and Teens
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The Federal Trade Commission finalized an order with Vanilla Chip LLC-which does business as TruHeight-and its two principals requiring them to pay $750,000, while barring them from making false or unsupported health claims and using fake or incentivized consumer reviews.
The order finalized by the Commission settles allegations, brought by the FTC in April 2026, that TruHeightand its two principals, Eden Stelmach and Justin Rapoport, deceptively advertised the effectiveness of a range of supplements that claim to boost height growth in children and teenagers. The complaint also alleged that TruHeight and its principals relied on reviews that were written by their own employees and vendors, or by consumers who were offered a free product or discount in return for writing a 5-star review.
The FTC alleged that TruHeight's height-based growth claims were unsubstantiated because TruHeight lacked competent and reliable scientific evidence to back them up. TruHeight also used fake social media profiles that, while masquerading as belonging to real, existing users, were in reality run by bots, according to the complaint.
The FTC's final order imposes a $4 million judgment on TruHeight and its principals, which will be partially suspended after they pay $750,000 based on their inability to pay the full amount. The proposed order also prohibits TruHeight, Stelmach and Rapoport from:
* Making false or unsubstantiated height and growth claims;
* Making any claims about the health benefits, performance, efficacy, safety or side effects of any product covered by the order, unless the claim is not misleading and is supported by competent and reliable scientific evidence;
* Misrepresenting that a reviewer exists, that a reviewer used the product, service or business being reviewed, or the reviewer's experience with the product, service or business being reviewed; and
* Buying consumer reviews conditioned on a particular sentiment, whether positive or negative, about the product being reviewed.
The Commission voted 2-0 to finalize the complaint and order as well as provide a response to the commenter.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/07/ftc-approves-final-order-against-truheight-deceptive-unsubstantiated-advertising-supplements-kids
FCC's Build America Agenda Makes Great Progress in First Year
WASHINGTON, July 15 -- The Federal Communications Commission issued the following news release on July 14, 2026:
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FCC's Build America Agenda Makes Great Progress in First Year
Today, Chairman Brendan Carr highlighted some key wins under the FCC's "Build America Agenda" since it was first launched last July in Sioux Falls, South Dakota. As outlined last July, the agency's Build America Agenda is centered on actions that unleash fast and affordable services for American families and businesses.
Chairman Carr issued the following statement:
"A year ago, I said it's time to build in America.
... Show Full Article
WASHINGTON, July 15 -- The Federal Communications Commission issued the following news release on July 14, 2026:
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FCC's Build America Agenda Makes Great Progress in First Year
Today, Chairman Brendan Carr highlighted some key wins under the FCC's "Build America Agenda" since it was first launched last July in Sioux Falls, South Dakota. As outlined last July, the agency's Build America Agenda is centered on actions that unleash fast and affordable services for American families and businesses.
Chairman Carr issued the following statement:
"A year ago, I said it's time to build in America.The FCC's Build America Agenda promised to unleash new infrastructure builds, strengthen competition, and support new and affordable high-speed services. One year later, speeds are up, prices are down, and competition is intensifying. America is leading the world again in next-gen connectivity. But more work lies ahead. At the FCC, we will continue to move quickly on multiple fronts to ensure great results for America's consumers and businesses."
UNLEASHING HIGH-SPEED INFRASTRUCTURE BUILDS
* Adopted rules t- streamline the process for getting communities off old and slow copper lines and ont- new, high-speed networks. This action reduces regulatory burdens and effectively frees up tens of billions of dollars annually for the roll out of upgraded, high-speed networks t- more Americans on a faster timeline.
* Proposed comprehensive reforms t- accelerate the transition t- an all-IP environment, including phasing out intercarrier compensation regulations that may encourage providers t- continue using legacy technology, sunsetting interconnection obligations for legacy networks and exploring frameworks for IP interconnection, and reforming the high-cost USF support mechanisms for an all-IP future.
* Updated pole attachment rules t- make broadband deployment faster and more efficient. The new rules promote collaboration between broadband providers and utility pole owners, reduce delays, and help accelerate high-speed internet access nationwide.
* Created and used a first-of-its-kind accelerated docket t- expedite the review process for pole attachment complaints and ensure resolution within 60 days.
* Clarified rules t- ensure so-called reverse-preemption states that regulate pole attachments in their own jurisdictions d- not slow broadband deployments with red tape.
* Proposed new rules t- ensure consistent, reasonable state and local regulations that are consistent with Section 253 of the Communications Act for deploying modern, high-speed wireline infrastructure.
* Proposed a systematic overhaul of the FCC's outdated NEPA environmental and NHPA historic permitting rules that slow down wireless and space infrastructure builds.
* Approved at least $50 billion in cable, fiber, and wireline deals that promise more investment, infrastructure deployment, and connectivity throughout the United States, including:
- Charter's $34.5 billion acquisition of Cox, which paves the way for billions of dollars of investment in network upgrades across the country, including through Charter's Rural Construction Initiative, bringing better service and job opportunities t- rural America.
- Metronet's $4.9 billion sale of network assets t- T-Mobile subsidiaries, which will unleash billions of dollars in new infrastructure builds and deliver significant wins for America's tower and telecom crews.
- Verizon's $20 billion acquisition of Frontier, allowing Verizon t- upgrade and expand Frontier's existing network in 25 states, bringing more fiber t- more communities and enabling the retirement of old copper networks--including rural America.
RESTORING AMERICA'S LEADERSHIP IN WIRELESS
* Successfully executing the FCC's two-prong strategy of spectrum auctions and secondary market transactions, s- that spectrum flows t- higher and better uses. Together, these efforts are on track t- revitalize approximately 300 megahertz of underused low- and mid-band spectrum by the end of 2027.
* Delivering on the FCC's statutory mandate t- meet President Trump's spectrum pipeline plan and auction 800 megahertz for commercial use by 2034:
- Successfully completed the $3.5 billion auction of 200 licenses in the AWS-3 band. This auction, the FCC's first since 2022, not only lit up mid-band spectrum that sat idle for more than a decade but als- generated enough revenues t- make the U.S. Treasury whole.
- Announced final rules t- auction 160 megahertz of the Upper C-band by July 2027, exceeding the 100-megahertz minimum set by Congress. The auction will create a "Super Band" of 440 megahertz of prime, mid-band spectrum--the largest contiguous swath in the industrialized world. By moving on time, on budget, and with n- surprises, the FCC is poised t- bring 5G and 6G services t- the Upper C-band for most Americans by 2030--far sooner than many expected.
- Actively planning several more auctions by the close of 2028, including spectrum bands under current study by NTIA.
* Approved secondary-market transactions--backed by demanding buildout requirements--that will light up hundreds of megahertz of underutilized spectrum t- accelerate the deployment of 5G and fixed wireless for in-home broadband services and advance America's leadership in D2D:
- AT&T's $40 billion acquisition of EchoStar spectrum, including 30 megahertz of 3.45 GHz mid-band spectrum and 20 megahertz of 600 MHz low-band spectrum. AT&T has already deployed this spectrum across 23,000 sites and boosted 5G download speeds by up t- 80%.
- SpaceX's $19.6 billion acquisition of EchoStar spectrum, including 15 megahertz of unpaired AWS-3 spectrum, 40 megahertz of AWS-4 spectrum, and 10 megahertz of H-Block spectrum. SpaceX gains access--for the first time ever--t- exclusive-use spectrum for broadband services.
- Grain and T-Mobile's $2.9 billion cash transaction and spectrum swap, including T-Mobile's purchase of 600 MHz licenses and Grain's purchase of 14 megahertz in the 800 MHz band. Grain is subject t- strict performance requirements and incentives t- light the band up for D2D quickly.
T-Mobile's $4.3 billion acquisition of US Cellular spectrum and assets, including 600 MHz, 700 MHz, PCS, AWS, 2.5 GHz, and millimeter-wave spectrum licenses spanning 27 states and covering 15% of the U.S. population.
- AT&T's $1 billion acquisition of US Cellular spectrum and assets, including the 700 MHz and 3.45 GHz licenses spanning 29 states and covering at least 12% of the U.S. population.
- Verizon's $1 billion acquisition of US Cellular spectrum and assets, including Cellular, PCS, and AWS licenses spanning 19 states and covering at least 8% of the U.S. population.
* Adopted reforms t- make more intensive use of spectrum beyond auctions and secondary-market transactions.
- Adopted rules t- expand access t- spectrum for utilities, critical infrastructure, and enterprise businesses deploying private 900 MHz broadband networks.
- Adopted rules t- enhance unlicensed spectrum use by creating a new category of unlicensed devices--geofenced variable power (GVP) devices in the 6 GHz band--that can operate in more places and at higher power than previously before.
- Adopted sharing rules for 600 megahertz in the 37 GHz band t- support fixed wireless and IoT.
BOOSTING AMERICA'S SPACE ECONOMY
* Announced final rules t- modernize the Space Bureau's licensing processes, which will deliver better and faster outcomes for American innovation. At the July 2026 meeting, the FCC will vote on replacing the bespoke, legacy regime with a "assembly line" that gives America's space innovators the predictability and simplicity they deserve.
* Granted industry-shaping authorizations in record time. The Space Bureau's backlog has plummeted t- historic lows--processing times went down as pending applications fell by 43% in 2025 and an additional 15% in the first five months of 2026. Some of these authorizations included:
- AST SpaceMobile's 248-satellite authorization t- provide D2D in the 700 MHz and 800 MHz bands, in collaboration with AT&T, Verizon, and FirstNet.
- Amazon Leo's Gen2 authorization t- deploy 4,500 satellites, more than doubling the size of its constellation.
- Logos's Gen1 authorization t- deploy 4,178 low Earth orbit broadband satellites in the Q/V-, E-, S-, and Ka-bands.
- Reflect Orbital's groundbreaking satellite technology that redirects sunlight t- provide ubiquitous solar energy across Earth.
- SES's $3.1 billion acquisition of Intelsat, which creates a stronger competitor in the vibrant global satellite industry.
- SpaceX's Gen2 authorization t- deploy an additional 7,500 Starlink satellites, use an expanded range of frequency bands, and extend D2D coverage outside the U.S.
* Adopting "spectrum abundance" reforms that close the competitive and technological gap between satellite and wireline broadband--an outcome considered unimaginable only a few years ago.
- Eliminated 1990s-era EPFD technical rules that artificially throttled LE- broadband speeds for n- technical reason. The FCC replaced those obsolete rules with a modern, performance-based framework that promises more than $2 billion in economic benefits and capacity increases between 100% t- 700%, without increasing the likelihood of harmful interference.
- Teed up more than 20,000 megahertz for satellite spectrum abundance--more than the sum-total of spectrum available for satellite broadband today.
- Launched a proceeding t- ensure reliable spectrum access for "Weird Space Stuff"--cutting-edge ventures like orbital laboratories, in-space repairs, and inhabitable spacecraft.
- Revisiting overprotective restrictions in the so-called UMFUS spectrum bands that leave spectrum underutilized and prevent satellite infrastructure from being built.
- Kicked off a first-of-its-kind proceeding t- explore D2D operations using unlicensed spectrum.
* Provided long-awaited legal clarity t- protect American innovators' D2D spectrum rights abroad and t- support unprecedented deal flow in D2D since the start of 2025:
- SpaceX's $19.6 billion acquisition of 65 megahertz of D2D spectrum from EchoStar.
- Amazon's $11.6 billion acquisition of Globalstar and its 32 megahertz of D2D spectrum.
- RocketLab's $8 billion acquisition of Iridium and its 8 megahertz of D2D spectrum.
- AST's $550 million deal t- use 45 megahertz of D2D spectrum held by Ligado.
* Taking significant efforts t- defend American satellite innovators from discrimination by foreign governments in non-U.S. markets, advocating for the fair treatment of American companies, and reexamining the FCC's policy of satellite reciprocity following recent protectionist trends.
UNLEASHING AMERICAN DRONE DOMINANCE
* Launched a comprehensive proceeding t- explore all reforms t- implement President Trump's initiative t- Unleash American Drone Dominance. The FCC's sweeping inquiry covers modernizing UAS experimental licensing, creating UAS innovation zones, freeing up more spectrum for UAS operators, and securing UAS equipment from foreign adversaries.
* Secured the domestic drone and router supply chain by prohibiting most foreign-produced drones, drone critical components, and routers from receiving authorization for the U.S. market, while exempting devices from suppliers the Department of War deems trusted and wh- agree t- onshore manufacturing. This reform has catalyzed billions in manufacturing investment and the creation of thousands of manufacturing jobs, as dozens of companies have committed t- onshoring.
* Provided essential legal clarity on the meaning of Section 333 of the Communications Act in the Drone Dominance proceeding. The FCC's clarifications enable state, tribal, local, and private entities t- test new Counter-UAS technologies and confidently defend the homeland from security threats, consistent with the SAFER SKIES Act.
* Issued a blanket spectrum authorization t- deploy Counter-UAS and a waiver for authorized Counter-UAS equipment for entities subject t- the SAFER Skies Act. These important decisions in the Drone Dominance proceeding give state, local, and tribal entities the regulatory certainty they need t- undertake authorized Counter-UAS activities.
STRENGTHENING AMERICA'S WORKFORCE
* Secured a commitment from Charter t- onshore all of the job functions currently handled offshore by Cox, as a condition of the companies' combination. Minimum starting wage for these jobs will be $20/hour.
* Through merger approval process, secured valuable commitments by all three major U.S. wireless carriers, Verizon, T-Mobile, and AT&T, t- America's tower and telecom crews, including faster payment cycles and fairer pricing metrics.
* Presented the first "Build America Hard Hat" t- honor the leader of a Western North Carolina telecom crew wh- used a kayak t- pull conduit through a river and restore service knocked offline by Hurricane Helene.
CUTTING RED TAPE
* Eliminated or proposed t- eliminate 2,192 rules or regulations, 175,100 words, and 407 pages from the Code of Federal Regulations under the FCC's Delete, Delete, Delete initiative.
* According t- OMB metrics, FCC stands at 17 deregulatory items offsetting 1 regulatory item with annual cost savings of $666 million since last October.
* Closed 2,144 inactive or dormant dockets, the largest ever in a single proceeding in the FCC's history.
PROMOTING NATIONAL SECURITY
* Adopted new rules in line with the America First Investment Policy Memorandum t- strengthen the security requirements for submarine cable licensees, while als- streamlining and accelerating the deployment of submarine cable infrastructure.
* Streamlined the approval process for devices that are tested in U.S. labs for sale and use in the United States, while excluding test labs owned or controlled by foreign adversaries and proposing t- restore international reciprocity by excluding labs in countries that refuse t- recognize U.S. labs.
* Further strengthened U.S. supply chains by prohibiting the authorization for import or sale devices containing certain components produced by entities on the FCC's Covered List.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-423046A1.pdf
EEOC Sues Step2 Company for Sex, Pregnancy, and Disability Discrimination and Retaliation
WASHINGTON, July 15 -- The Equal Employment Opportunity Commission issued the following news release:
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EEOC Sues Step2 Company for Sex, Pregnancy, and Disability Discrimination and Retaliation
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Federal suit says toy manufacturer fired pregnant employee after denying pregnancy- and disability-related accommodations
CLEVELAND -Step2 Company, LLC, a toy and plastic products manufacturer with plants in Northern Ohio, violated federal law by failing to provide reasonable accommodations to a pregnant employee with disabilities and firing her, the U.S. Equal Employment Opportunity Commission
... Show Full Article
WASHINGTON, July 15 -- The Equal Employment Opportunity Commission issued the following news release:
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EEOC Sues Step2 Company for Sex, Pregnancy, and Disability Discrimination and Retaliation
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Federal suit says toy manufacturer fired pregnant employee after denying pregnancy- and disability-related accommodations
CLEVELAND -Step2 Company, LLC, a toy and plastic products manufacturer with plants in Northern Ohio, violated federal law by failing to provide reasonable accommodations to a pregnant employee with disabilities and firing her, the U.S. Equal Employment Opportunity Commission(EEOC) charged in a lawsuit announced today.
According to the suit, Step2 disciplined an assembly worker, who worked at the company's Perrysville, Ohio facility, under its attendance policy when she was absent because of pregnancy-related medical conditions and took approved leave for chronic mental health conditions. The suit alleges Step2 failed to accommodate the employee by excusing her pregnancy- and disability-related absences and also denied her requests to sit down briefly between assemblies, take more frequent breaks, and avoid working on highly physically strenuous assemblies because of her pregnancy or related medical conditions. Instead, Step2 retaliated against the worker for requesting accommodations, interfered with her ability to further seek reasonable accommodations, and then fired her in July 2024, the EEOC said.
"The Pregnant Workers Fairness Act requires employers to provide reasonable accommodations for an employee's known limitations related to pregnancy and pregnancy-related medical conditions, and the Americans with Disabilities Act requires employers to provide reasonable accommodations to individuals with disabilities," said Debra M. Lawrence, regional attorney for the EEOC's Philadelphia District. "An employer cannot illegitimately deny an employee reasonable accommodations to a general attendance policy and then use the policy to fire her."
The conduct alleged violates the Pregnant Workers Fairness Act (PWFA), which requires employers to provide reasonable accommodations for known limitations related to pregnancy, childbirth, or related medical conditions unless they would cause undue hardship; it also violates the Americans with Disabilities Act (ADA), which prohibits disability discrimination and requires employers to provide reasonable accommodations to individuals with disabilities unless it would cause undue hardship.
The alleged conduct also violates Title VII of the Civil Rights Act of 1964, which prohibits discrimination on the basis of sex, including pregnancy, childbirth, or pregnancy-related medical conditions; violates PWFA and ADA protections against retaliation; and violates PWFA prohibitions against interference with employees' rights under the statute.
EEOC Philadelphia District Deputy Director Karen McDonough said, "Federal law gives employees the right to reasonable accommodations for pregnancy-related medical conditions and disabilities as long as the accommodations will not impose an undue hardship on the employer. Employers must not retaliate against employees for exercising those rights or erect barriers that interfere with their exercise."
The EEOC filed suit (EEOC v. Step2 Company, LLC, Case No. 1:26-cv-01562) in U.S. District Court for the Northern District of Ohio after first attempting to reach a pre-litigation settlement through its administrative conciliation process.
The PWFA went into effect June 27, 2023. Resources for employees and employers are available at: https://www.eeoc.gov/wysk/ what-you-should-know-about- pregnant-workers-fairness-act.
For more information on disability or pregnancy discrimination, please visit https://www.eeoc.gov/ disability-discrimination and https://www.eeoc.gov/ pregnancy-discrimination.
The lawsuit was initiated by the EEOC's Cleveland Field Office, one of four component offices of the agency's Philadelphia District Office. The Philadelphia District Office has jurisdiction over Pennsylvania, Maryland, West Virginia, Delaware, and portions of New Jersey and Ohio. Attorneys in the Philadelphia District Office also prosecute discrimination cases in Washington, D.C., and portions of Virginia.
The EEOC is the sole federal agency authorized to investigate and litigate against businesses and other private sector employers for violations of federal laws prohibiting employment discrimination. For public sector employers, the EEOC shares jurisdiction with the Department of Justice's Civil Rights Division. The EEOC also is responsible for coordinating the federal government's employment antidiscrimination effort. More information about the EEOC is available at www.eeoc.gov.
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Original text here: https://www.eeoc.gov/newsroom/eeoc-sues-step2-company-sex-pregnancy-and-disability-discrimination-and-retaliation
CFTC Stays KalshiEX Rule Change and Exercises Emergency Authority to Order Fulfillment of Pending Trades
WASHINGTON, July 14 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Stays KalshiEX Rule Change and Exercises Emergency Authority to Order Fulfillment of Pending Trades
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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
... Show Full Article
WASHINGTON, July 14 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Stays KalshiEX Rule Change and Exercises Emergency Authority to Order Fulfillment of Pending Trades
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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 accordancewith 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-
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Original text here: https://www.cftc.gov/PressRoom/PressReleases/9267-26
