Kalshi sued Minnesota on May 28 to block SF4760, a felony ban scheduled to begin August 1, 2026. The company says the law would criminalize its federally regulated prediction market business and advertising. Kalshi argues its event contracts are swaps under the Commodity Exchange Act, which gives the CFTC exclusive jurisdiction over such instruments. It also claims the ban violates the First Amendment by restricting commercial speech about a lawful financial product. The CFTC filed a separate federal suit within 24 hours of the May 18 signing, seeking a preliminary injunction to stop the law.
#prediction-markets #cftc-regulation #commodity-exchange-act #first-amendment #state-vs-federal-authority
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