According to TheBlock, Coinbase has filed lawsuits against the states of Michigan, Illinois, and Connecticut, arguing that prediction markets should be exclusively regulated by the Commodity Futures Trading Commission (CFTC) rather than state gaming regulators.
The move comes on the heels of Coinbase's announcement that it is partnering with the CFTC-regulated Kalshi platform to enter the prediction market space in January 2026. Paul Grewal, Coinbase's chief legal officer, said state intervention would stifle innovation and violate the law. Although the prediction market has been growing rapidly recently, multiple state regulators have issued cease and desist orders against related platforms, arguing that sports-related prediction markets in particular constitute unauthorized betting activities.
Coinbase Sues Tri-State Governments for Prediction Market Regulation
2025-12-19 05:42:11
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