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CFTC Sues Minnesota Over Prediction Market Ban, Citing Federal Jurisdiction
The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Minnesota to block a law prohibiting prediction markets, with an exception for weather event contracts. The law, signed by Governor Tim Walz, is set to take effect on August 1, 2026. Minnesota is the first US state to act against the illegal gambling market by introducing a prediction market ban.
CFTC Chairman Michael S. Selig stated that Minnesota's law turns lawful operators and participants into 'felons overnight'. The CFTC argues that states cannot preempt federal regulation and that the regulation of prediction markets is the exclusive purview of the federal government.
The CFTC has also filed similar cases against Arizona, Connecticut, Illinois, and New York.
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