CFTC seeks urgent ruling on Minnesota prediction market ban

The U.S. Commodity Futures Trading Commission has asked a federal court to expedite its ruling against Minnesota before the state’s prediction-market ban takes effect on Aug. 1. Summary Minnesota’s ban takes effect Aug. 1, leaving the court only days to decide on injunctive relief. Kalshi and Polymarket joined the CFTC’s request for a temporary administrative stay. The CFTC may seek emergency appellate relief if the district court does not act promptly. Industry groups argue that one federal framework should govern regulated event contracts across the United States. CFTC presses court as Aug. 1 deadline approaches The CFTC requested expedited handling of its motion for a preliminary injunction, according to its latest court filing. The regulator said a decision is needed before Minnesota’s new law takes effect later this week. Minnesota Governor Tim Walz signed the measure in May. It makes creating, operating, facilitating, or advertising a prediction market in the state a criminal offense. The CFTC sued Minnesota on May 19, arguing that the state law interferes with the federal derivatives framework established under the Commodity Exchange Act. The agency asked the court to block ...