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Minnesota becomes the first U.S. state to ban prediction markets like Kalshi and Polymarket, sparking a legal battle with the Trump administration and the CFTC over state versus federal regulatory authority.
Utah lawmakers, led by Republican Governor Spencer Cox, are fighting to ban prediction markets like Kalshi and Polymarket, labeling them as gambling. This puts them at odds with the Trump administration's classification of such platforms as financial exchanges.
An analysis of prediction markets like Polymarket and Kalshi, examining whether their massive trading volume actually produces valuable forecasting information or merely serves as gambling, referencing historical academic support and current data.