Trump administration sues to block Minnesota’s law banning prediction markets

ST. PAUL, Minn. – The Trump administration is suing Minnesota over a new state law that bans residents from making bets on prediction markets.  

The ban would make operating or helping to run prediction market platforms a felony on Aug. 1. The Commodity Futures Trading Commission is seeking a preliminary injunction to stop the law, arguing that the platforms are federally regulated.  

State Sen. Matt Klein of Mendota Heights was banned from Kalshi and fined for placing a $50 bet on his congressional primary election. Klein was one of the lawmakers pushing the bill to ban prediction markets.