Minnesota Becomes First State to Ban Prediction Markets, Feds Immediately Sue
Minnesota has become the first state to ban prediction markets, with a law signed by Governor Tim Walz. The Commodity Futures Trading Commission (CFTC) has filed a lawsuit to prevent the law from being implemented. The new legislation, which has bipartisan support, criminalizes the advertising and hosting of unsanctioned betting platforms in the state.
- ▪Minnesota's law is set to take effect on August 1, but its implementation is uncertain due to the CFTC's lawsuit.
- ▪The law makes it a crime to advertise or host betting platforms not approved by the state.
- ▪The CFTC argues that the ban could negatively impact Minnesota farmers who rely on prediction markets for risk management.
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Minnesota became the first state in the country to ban prediction markets like Kalshi and Polymarket on Monday in a bill signed by Gov. Tim Walz. The law is supposed to take effect Aug. 1, but it’s unclear whether that will happen on time, if at all. The Commodity Futures Trading Commission filed a lawsuit on Tuesday in federal court to stop Minnesota from implementing the…
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