A federal judge has temporarily halted Minnesota’s new ban on prediction markets, calling it essential to prevent “irreparable harm” to companies like Kalshi and Polymarket. The dispute centers on jurisdiction: federal regulators argue these markets fall under their exclusive authority, while Minnesota’s AG insists they’re just gambling—and sports betting at that—so the state can regulate them. This isn’t the first time states have clashed with federal oversight; the CFTC is also drafting its own rules to define what’s “contrary to the public interest,” meaning the legal battle is far from over.
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