Minnesota Bans Prediction Markets as CFTC Fights Back

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2026-05-21 04:35:02

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Minnesota has become the first U.S. state to outlaw prediction market platforms like Kalshi and Polymarket, with Governor Tim Walz signing the ban into law as part of a broader public safety bill. The move has drawn immediate legal pushback from the Commodity Futures Trading Commission (CFTC), which filed suit to block the August 1 enforcement date.

The federal regulator argues the state is overstepping its authority by targeting platforms already under CFTC oversight. Chair Michael Selig emphasized these markets provide crucial risk management tools, particularly for agricultural producers hedging weather and crop risks. The platforms have seen explosive growth, processing billions in weekly trades with backing from major financial players like Robinhood and Intercontinental Exchange.

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