Federal Judge Blocks Minnesota's Ban on Prediction Markets, Impacting State Regulations
A federal judge has issued a preliminary injunction against Minnesota's ban on prediction markets, ruling that the state's law is preempted by federal regulations. U.S. District Judge Katherine Menendez found that the Commodity Futures Trading Commission (CFTC) and prediction platforms like Kalshi and Polymarket are likely to succeed in their claims of facing irreparable harm. The ruling emphasizes that federal law, under the Commodity Exchange Act, gives the CFTC exclusive jurisdiction over these markets. This decision comes as other states, including Arizona, Connecticut, Illinois, New Jersey, Massachusetts, and Wisconsin, are also pursuing legal avenues to restrict or ban prediction markets. 
