Kalshi sues Minnesota over prediction market ban

Prediction market platform Kalshi has sued the Minnesota state government after it signed a bill banning the use of such markets within its jurisdiction, The Block reported. Kalshi argues that the state government, including Governor Tim Walz, violated a provision granting federal law supremacy in dispute resolution. The governor signed the bill in early May, and it is set to take effect on Aug. 1. Previously, the Commodity Futures Trading Commission (CFTC) and U.S. prosecutors had also filed a lawsuit against the state government and the governor to invalidate the law.