KalshiEX LLC v. Ellison

Case Overview

Prediction-market exchange KalshiEX LLC sued Minnesota Attorney General Keith Ellison and other state officials. One of three consolidated challenges in the District of Minnesota to Minn. Stat. 609.7615, the state law banning sports-event and other prediction-market contracts, which takes effect August 1, 2026. On July 27, 2026 Judge Katherine M. Menendez granted a preliminary injunction in all three cases in a single 44-page opinion (Dkt. 76), barring enforcement of the statute as to CFTC-registered designated contract markets. The court ruled on express preemption alone under the Commodity Exchange Act's exclusive-jurisdiction provision, 7 U.S.C. 2(a)(1)(A), and expressly reserved the implied-preemption and First Amendment theories. The injunction is not facial: the court said the statute may not be preempted in all of its applications.