About 24 hours after Minnesota Governor Tim Walz signed a bill into law passed by the state’s legislature to effectively ban prediction markets in the state, the CFTC pushed back with its own lawsuit.
The US Commodity Futures Trading Commission (CFTC), under Chair Michael Selig, has filed a lawsuit against the state of Minnesota and its officials after lawmakers passed a bill “prohibiting prediction markets-related activities.”
In a Tuesday filing in the US District Court for the District of Minnesota, the CFTC said that Minnesota, Governor Tim Walz, Attorney General Keith Ellison and the state’s director of the department of public safety, Jon Anglin, had passed the “first outright ban” on prediction markets in the country with Senate File (SF) 4760.
Signed into law by Walz on Monday, the bill amended Minnesota’s statutes to prohibit advertising, creating, operating or otherwise facilitating prediction market platforms, effectively banning them in the state. The law, set to go into effect on Aug. 1, specifically said that the event contracts on prediction markets platforms like Kalshi and Polymarket, including sporting events, military conflicts and weather were effectively “wagers” and therefore prohibited.
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