US Judge Blocks Minnesota Prediction Market Ban on July 27, Allowing Kalshi and Polymarket US to Operate

KALSHI2.27%
According to a July 27 court order, US District Judge Katherine Menendez temporarily blocked Minnesota from enforcing its prediction market ban against CFTC-regulated platforms Kalshi and Polymarket US. The judge found that event contracts offered by the platforms likely qualify as swaps, giving the CFTC exclusive jurisdiction. Minnesota's law, scheduled to take effect August 1, would prohibit the creation and operation of prediction markets with criminal penalties. The preliminary injunction allows both platforms to continue operating in the state while litigation proceeds.
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