#Kalshi #Polymarket 🎰🚨
🔥 Prediction Markets Court Revenge: Kalshi and Polymarket Block Minnesota Ban
A US federal court has temporarily halted a Minnesota law that would have banned prediction market platforms. The decision prevented the first-ever U.S.-wide regional ban on such services just days before the law was set to take effect.
🔑 Highlights of the ruling:
➡️ Federal Precedence: U.S. District Judge Katherine Menendez issued the preliminary injunction. She said the platforms are likely to argue that federal law takes precedence over state law and that the Commodity Futures Trading Commission (CFTC) should oversee them.
➡️ Kalshi’s position: The company welcomed the ruling, saying, “States can’t prohibit what’s outside their jurisdiction.”
➡️ The state’s position: Minnesota Attorney General Keith Ellison strongly disagrees: “Prediction markets are gambling, pure and simple. The state has every right to protect communities from predatory gambling.” The fight will continue.
🌐 Why does this matter to the industry?
Minnesota lawmakers pushed for the ban as part of a public safety bill, arguing that live-event contracts are a form of betting, not financial instruments.
The conflict between state and federal regulators over prediction markets is gaining momentum across the country. Nevada, New Jersey, Maryland, Illinois, Ohio, Montana and Massachusetts have already filed lawsuits or opened investigations against such platforms, and Washington has previously restricted Kalshi’s sports contracts.
🔥 Prediction Markets Court Revenge: Kalshi and Polymarket Block Minnesota Ban
A US federal court has temporarily halted a Minnesota law that would have banned prediction market platforms. The decision prevented the first-ever U.S.-wide regional ban on such services just days before the law was set to take effect.
🔑 Highlights of the ruling:
➡️ Federal Precedence: U.S. District Judge Katherine Menendez issued the preliminary injunction. She said the platforms are likely to argue that federal law takes precedence over state law and that the Commodity Futures Trading Commission (CFTC) should oversee them.
➡️ Kalshi’s position: The company welcomed the ruling, saying, “States can’t prohibit what’s outside their jurisdiction.”
➡️ The state’s position: Minnesota Attorney General Keith Ellison strongly disagrees: “Prediction markets are gambling, pure and simple. The state has every right to protect communities from predatory gambling.” The fight will continue.
🌐 Why does this matter to the industry?
Minnesota lawmakers pushed for the ban as part of a public safety bill, arguing that live-event contracts are a form of betting, not financial instruments.
The conflict between state and federal regulators over prediction markets is gaining momentum across the country. Nevada, New Jersey, Maryland, Illinois, Ohio, Montana and Massachusetts have already filed lawsuits or opened investigations against such platforms, and Washington has previously restricted Kalshi’s sports contracts.