CFTC sues Minnesota over first explicit state ban on prediction markets
The Block
The CFTC and DOJ are suing Minnesota to block a new state law that explicitly prohibits federally regulated prediction markets.Summary
The U.S. Commodity Futures and Trading Commission (CFTC) and the Department of Justice have filed a lawsuit against Minnesota and Governor Tim Walz. The federal regulators argue that the state's new omnibus bill, which represents the first explicit ban on prediction markets in the U.S., unlawfully interferes with federal oversight of derivatives markets. The CFTC asserts that prediction markets fall under their exclusive jurisdiction and that Minnesota's law improperly criminalizes activities involving federally approved exchanges, banks, and media partners.
(Source：The Block)