The preliminary injunction allows Kalshi and Polymarket US to continue operating in Minnesota while the court considers their challenge to the state law.
A US federal judge has temporarily blocked Minnesota from enforcing its new prediction market ban against CFTC-regulated platforms Kalshi and Polymarket US.
According to a Monday court order granting the plaintiffs’ motions for preliminary injunctions, US District Judge Katherine Menendez found that the plaintiffs were likely to succeed, at least in part, on claims that the Commodity Exchange Act preempts the Minnesota statute.
The judge said several event contracts offered by the platforms appeared to qualify as swaps, giving the CFTC exclusive jurisdiction over transactions involving those contracts on designated contract markets.&
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