Trump weighs in on prediction markets as Minnesota ban faces federal lawsuit – Valley News Live
ST. PAUL, Minn. (Valley News Live) — President Donald Trump weighed in Tuesday on Minnesota’s crackdown on prediction markets, posting that he wants the federal government to keep control over the sites.
Trump called prediction markets a major industry that needs protecting in a social media post.
The statement comes as Minnesota faces a federal lawsuit over its new law banning platforms like Kalshi and Polymarket. The Commodity Futures Trading Commission argues the state doesn’t have the authority to impose those restrictions, saying prediction markets fall under federal oversight.
Sites like Kalshi and Polymarket let users bet on real-world events like sports, elections and awards shows. The platforms see billions in weekly trading volume.
State governments largely consider them to be gambling and want to apply their state gaming laws.
Minnesota is believed to be the first state to formally ban prediction markets, with more than a dozen other states reportedly considering similar legislation.
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