**Colorado's Proposition 135, a citizen-initiated statute on the November 3, 2026 ballot, would prohibit healthcare professionals from performing surgeries on minors to alter biological sex characteristics in response to gender perception and bar state, federal, Medicaid, or insurance funding for such procedures, with exceptions for male circumcision and certain medical conditions.** It qualified after collecting sufficient signatures and requires only a simple majority for passage. Supporters, including Protect Kids Colorado, frame the measure as safeguarding minors from irreversible interventions, while opponents, including Families Not Politics and LGBTQ advocacy groups, argue it limits parental and medical discretion and could broadly affect care. With such surgeries already rare in the state and no local hospitals providing them, the 65.5% implied probability for passage reflects trader views on voter priorities amid concurrent measures on related issues.