[Kalshi Sues Minnesota, Challenges Law Banning Prediction Market Operations] According to The Block, prediction market platform Kalshi has filed a lawsuit against the state of Minnesota, alleging that the state's law banning prediction market operations violates the Constitution's Supremacy Clause. The law, signed by Governor Tim Walz, is set to take effect on August 1. In the lawsuit, Kalshi claims that the new law classifies prediction markets as 'felonies' and that shutting down its operations in Minnesota would harm its viability as a derivatives exchange operating across all 50 states. Kalshi is seeking a temporary restraining order and injunction from the court. Less than 24 hours earlier, the U.S. CFTC and Department of Justice had also filed lawsuits against Minnesota and Governor Tim Walz over the same law. CFTC Chairman Michael Selig stated that prediction markets fall under the exclusive jurisdiction of the agency, and that states' 'power grabs' disregard the law and decades of precedent.