Kalshi is asking a federal court to stop Minnesota from enforcing a new law that would make categories of prediction markets a felony offense. The lawsuit was filed Wednesday (May 27) in the U.S. District Court for the District of Minnesota and seeks emergency relief before the measure takes effect on August 1. The New York company runs a federally regulated derivatives exchange where customers buy and sell event contracts tied to real-world outcomes. Kalshi maintains those contracts are overseen by the Commodity Futures Trading Commission, or CFTC, and says state officials cannot ban activity that federal regulators permit. Named as defendants are Minnesota Attorney General Keith Ellison, Gov. Tim Walz, and Jon Anglin, who leads the state’s Alcohol and Gambling Enforcement Division. Kalshi wants the court to declare the law invalid as applied to its exchange and block enforcement of both the new measure and existing state gambling laws against the company.…