CFTC Sues Minnesota and State Officials

Odaily Odaily News The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Minnesota, Governor Tim Walz, Attorney General Keith Ellison, and Director of Public Safety Jon Anglin. The lawsuit stems from Minnesota's legislative approval of SF 4760, which imposes a complete ban on prediction markets.

The bill prohibits the advertising, creation, operation, or promotion of prediction market platforms, designating event contracts on platforms such as Kalshi and Polymarket as wagers and banning them. It was originally scheduled to take effect on August 1. In the lawsuit, the CFTC stated that under the Commodity Exchange Act, it has exclusive jurisdiction over prediction markets and is requesting the court to block the state law. (Cointelegraph)