Judge blocks Minnesota's first-in-nation prediction markets ban
The ruling pauses enforcement of the new law as the CFTC, Polymarket and Kalshi argue Minnesota cannot regulate federally overseen event contracts.
- On Monday, a federal judge granted a preliminary injunction blocking Minnesota from enforcing its ban on prediction markets, pausing the law until a final decision on the merits is reached.
- Gov. Walz signed the ban in May, prompting lawsuits from the Commodity Futures Trading Commission, Kalshi, and Polymarket, who argue federal law preempts state authority and cite First Amendment violations.
- Former Democratic Senator Christopher Dodd argued lawmakers never intended to make the CFTC a gambling regulator, while former CFTC Chairman Timothy Massad claimed the agency "has lost its way" regarding its mission.
- Attorney General Keith Ellison responded that Minnesota "respectfully disagree" with the ruling, calling prediction markets "predatory gambling" and confirming the state will continue to defend its law.
- Native American tribes, casinos, and local authorities in 20 states warn that prediction markets constitute illegal gambling, while President Donald Trump and his administration have generally embraced the industry, arguing federal law protects registered markets.
97 Articles
97 Articles
Prediction Markets Are Winning the War Against Them
Minnesota lawmakers enacted a statewide ban on prediction market in May. The first-of-its-kind law had been scheduled to go into effect on August 1. Now, that ban is on hold after the top two prediction markets, as well as the federal agency tasking with regulating them, persuaded a federal judge to temporarily block the law on Monday.Judge Katherine Menendez granted the preliminary injunction after concluding that Minnesota’s ban was likely pre…
Law banning prediction markets is halted in federal court
HARRISBURG, Pa. — A federal judge has temporarily blocked Minnesota's first-in-the-nation law banning prediction markets just days before it was to take effect, the latest clash between President Donald Trump's administration and states over who regulates operators such as Kalshi…
Federal judge blocks Minnesota’s first-in-nation prediction market ban days before it takes effect
A federal judge handed Governor Tim Walz a legal defeat by blocking Minnesota’s new law criminalizing prediction markets, ruling that federal authority over financial contracts likely trumps the state’s attempt to shut down the multibillion-dollar industry. U.S. District Judge Katherine Menendez issued a preliminary injunction Monday from the federal courthouse in Minneapolis, stopping Minnesota from...
Federal Court Blocks Minnesota's First-In-The-Nation Law Banning Prediction Markets
The law, which was scheduled to take effect Saturday, would have made it a crime to create or operate prediction markets or help administer nearly any activity connected to one.
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