Prediction markets legal battles heat up in Minnesota, Rhode Island
Kalshi sued Minnesota while the CFTC filed against Rhode Island as legal wrangling with state-level authorities seems likely headed to the US Supreme Court.
The US Commodity Futures Trading Commission (CFTC) and companies behind prediction market platforms are continuing legal fights against state-level authorities, with the latest battlegrounds centered in Rhode Island and Minnesota.
Last week, Minnesota Governor Tim Walz signed a bill into law amending statutes to prohibit advertising, creating, operating or otherwise facilitating prediction market platforms. The move prompted CFTC Chair Michael Selig to file in federal court less than 24 hours later, alleging Minnesota and its officials had enacted the “first outright ban” on prediction markets.
Source: PACER