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FollowingA U.S. federal judge has temporarily blocked Minnesota from imposing a new ban on CFTC regulated forecasting market platforms Kalshi and Polymarket US. In accordance with a court order issued July 27, granting the plaintiff's preliminary injunction motion, District Judge Katherine Menendez argued that the plaintiff had at least partially reason to claim that the Commodity Exchange Act took precedence over Minnesota regulations.
The judge noted that several event contracts offered by these platforms appeared to meet the definition of a swap transaction, giving the CFTC exclusive jurisdiction over the trading of these contracts on designated contract markets. The Minnesota law, which was scheduled to take effect August 1, would prohibit the creation, operation and promotion of prediction markets and impose criminal penalties for supporting such markets.
The preliminary injunction allows these platforms to continue operating in the state while the lawsuit is ongoing. However, the judge also warned that the ban could ultimately be limited because the plaintiffs failed to prove that every event contract listed by Kalshi and Polymarket US met the legal definition of a swap. The court order stated that the preliminary injunction would help maintain the status quo until the merits of the case were fully resolved.
