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CFTC targets Minnesota over prediction markets ban
The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Minnesota after Governor Tim Walz signed a law to ban prediction markets, despite the platforms being regulated under federal law.
Governor Walz signed SF 4760 on May 18 to fully ban the operation and advertising of prediction markets in the state from August 1, 2026, but the CFTC has argued that the agency has exclusive authority over such event contracts and swaps. The commission additionally stated that Minnesota’s law goes against the Commodity Exchange Act (CEA).
In its lawsuit, the CFTC has targeted the Governor, Attorney General Keith Ellison, and gambling regulators from Minnesota, seeking declaratory and injunctive relief against them.
Michael Selig, the Chairman of the CFTC, wrote:
“Governor Walz and Minnesota are putting special interests first, and American farmers and innovators last. Minnesota’s new law would make it a felony to trade event contracts in the state, hurting Minnesota farmers who have relied on weather and crop-related event contracts for decades. This law is the most aggressive move by a state to shut down CFTC-regulated markets and undermine our authority, and we’re taking action to protect federal market oversight.”
The commission has also filed lawsuits against other states like Arizona, Connecticut, Illinois, and New York, which have tried to impose state gambling laws on prediction markets.
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