News Summary

• Minnesota lawmakers enacted a statewide ban on prediction market in May.
• The first-of-its-kind law had been scheduled to go into effect on August 1.
• Now that ban is on hold after the top two prediction markets, as well as the federal agency tasked with regulating them, persuaded a federal judge to temporarily block the law.
• Kalshi, for its part, took a victory lap after the ruling.
• “Today’s decision makes it clear: States cannot ban things that they don’t have jurisdiction over”