Minnesota's Prediction Market Ban Clock Ticks; CFTC Knocks on Judge's Door With an Expiring Wishlist ⏳

The U.S. Commodity Futures Trading Commission has asked a federal court to expedite its motion for injunctive relief against Minnesota's prediction markets ban, with the state law set to take effect on August 1. The Commission stated in its filing that it would deem its motion constructively denied if there is no decision before the effective date. The CFTC sued Minnesota in May to block the state law and is seeking a preliminary injunction to halt enforcement. A hearing has been held, but the Judge has yet to rule on the case.

The regulator noted in the latest filing that it is essential to have a resolution with the August 1 effective date drawing near and signaled that it could seek interim appellate relief if the court does not rule by tomorrow. The CFTC has filed for expedited handling of its motion, citing the approaching deadline.

Prediction market operators Kalshi and Polymarket have also backed the regulator's move, as they seek similar injunctive relief against the Minnesota statute. All three parties are aligned in pressing the court to act before the ban takes effect, framing the timing as critical to preserving access for their users in the state.