Trump administration goes after Minnesota for banning prediction markets in the state
The Trump administration has filed a lawsuit against Minnesota over its new ban on prediction markets. Governor Tim Walz signed a bill that imposes criminal penalties for operating such markets, which the federal government argues is beyond the state's authority. The lawsuit claims that the ban could harm Minnesota's agricultural industry by criminalizing weather-related event contracts.
- ▪The lawsuit was filed by the Commodities Futures Trading Commission (CFTC).
- ▪Governor Tim Walz's law imposes criminal penalties for prediction market operations.
- ▪CFTC argues that the law could disrupt Minnesota's agricultural industry.
Opening excerpt (first ~120 words) tap to expand
The Trump administration on Tuesday filed a lawsuit against Minnesota, seeking to block its new ban on prediction markets. Gov. Tim Walz (D-MN) signed a controversial bill into law earlier this week that imposes criminal penalties for operating or advertising a prediction market in the state. The Commodities Futures Trading Commission sued to block its implementation, arguing that the state lacks the authority to ban most bets placed on prediction markets such as Kalshi and Polymarket. The federal government has jurisdiction over prediction markets through the CFTC, the lawsuit states, warning that the law would upend Minnesota’s agricultural industry due to its criminalization of weather-related event contracts.
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