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The CFTC has already sued to prevent the law's enforcement.
Key facts
The provisions are slated to take effect on August 1, but they are already facing challenges
The CFTC has already sued to prevent the law's enforcement
The CFTC filed an amicus brief last week to intervene in an additional lawsuit in Ohio
Minnesota is the latest state to try and curtail the activities of prediction markets like Kalshi and Polymarket
Summary
Minnesota is the latest state to try and curtail the activities of prediction markets like Kalshi and Polymarket. This appears to be the first attempt by a state to regulate prediction markets via legislation rather than lawsuits, but the lawsuits haven't gotten off to a good start. The federal regulator has also hopped onto the Minnesota law, but rather than making the same case, its argument is that the law would prevent weather-related predictions made by farmers to hedge against crop losses.