Minnesota’s attempt to ban prediction markets hit a major legal roadblock when a federal judge ruled the state’s law likely violates the Commodity Exchange Act, siding with federal regulators and platforms like Kalshi and Polymarket. The judge determined these markets fall under federal swap regulations overseen by the CFTC, not state control, and blocked the ban pending full trial — a major win for the industry and a clear signal that federal authority dominates in this regulatory tug-of-war.
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