The CFTC has filed a lawsuit against the state of Minnesota and its officials.

Odaily Planet Daily reports that the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Minnesota, Governor Tim Walz, Attorney General Keith Ellison, and Director of Public Safety Jon Anglin. The lawsuit stems from Minnesota's passage of SF 4760, a bill imposing a blanket ban on prediction markets. This bill prohibits advertising, creating, operating, or promoting prediction market platforms, and considers event contracts on platforms such as Kalshi and Polymarket as betting, prohibiting them. It was originally scheduled to take effect on August 1st. In its lawsuit, the CFTC argues that it has exclusive jurisdiction over prediction markets under the Commodity Exchange Act and is requesting the court to block the state law. (cointelegraph)