The Commodity Futures Trading Commission is ramping up its fight against state regulators over the regulation of prediction markets, with its next target looking to be Minnesota.
Commodity Futures Trading Commission chair Michael Selig is said to be monitoring Minnesota following the advancement of legislation that would seek to regulate and ban some prediction markets, according to Semafor.
On Tuesday, Selig even praised a district judge’s decision to block Arizona’s legal action against operator Kalshi, saying that it reaffirmed the notion that the federal regulator had full jurisdiction to regulate prediction markets.
Selig has seen other court wins. Last month, an appeals court in New Jersey sided with Kalshi; before that, Tennessee was upended by a judge’s February decision granting Kalshi a preliminary injunction.
