The law, which was scheduled to take effect Saturday, would have made it a crime to create or operate prediction markets or help administer nearly any activity connected to one.

The ruling follows lawsuits by the Justice Department, the Commodity Futures Trading Commission, Polymarket and Kalshi.

A federal judge ruled that Minnesota's law criminalizing prediction markets would probably violate the federal Commodity Exchange Act.

The preliminary injunction comes as the Justice Department, the CFTC, Kalshi, and Polymarket challenge the law in court.