Kalshi, Polymarket Score Win as Judge Blocks Minnesota Prediction Market Ban—For Now
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A federal judge blocks Minnesota's prediction market ban, ruling that not every contract on platforms like Kalshi and Polymarket counts as a swap under federal law, potentially exempting them from regulations. This temporary reprieve allows prediction markets to continue operating, but the ruling's long-term implications for the industry remain uncertain, pending further legal review.
The order turns on whether each contract counts as a swap under federal law, and the judge found that not every one does.