TechFlow reports that on May 20, according to The Block, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice jointly filed a lawsuit on Tuesday against Minnesota Governor Tim Walz and related officials. The lawsuit stems from the state’s enactment of Senate File 4760 (SF 4760), the first law in the United States explicitly and comprehensively banning prediction markets; it is set to take effect on August 1, 2026. The CFTC contends that prediction markets fall under federal jurisdiction as derivatives and “swaps,” and that state governments lack the authority to criminalize or prohibit them. The CFTC has requested that the court issue a permanent injunction against the law.
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