Coinbase (COIN) Sues Connecticut, Illinois and Michigan over Prediction Markets Regulation

Coinbase Sues Three US States Over Prediction Market Regulation

Coinbase (COIN) sues Connecticut, Illinois and Michigan over prediction markets regulation

The crypto exchange is taking legal action against Connecticut, Michigan and Illinois, its chief legal officer Paul Grewal wrote on X.

Coinbase Files Lawsuits in Multiple States Challenging Regulations of Prediction Markets

Coinbase has filed lawsuits against regulators in three U.S. states—Connecticut, Illinois, and Michigan— challenging their attempts to regulate prediction markets as gambling. The crypto exchange argues that prediction markets event contracts on outcomes like elections, economic data, or sports fall under the exclusive jurisdiction of the federal Commodity Futures Trading Commission (CFTC) as derivatives, not […] The post Coinbase Files Lawsuits…

Coinbase Sues Illinois, Michigan, and Connecticut Over Prediction Market Crackdown

Coinbase has filed lawsuits against Illinois, Michigan, and Connecticut, while challenging state efforts to regulate prediction markets and asking federal courts to clarify who has oversight authority. In its filings, the crypto exchange is seeking declaratory and injunctive relief, arguing that prediction markets fall under the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC) rather than state gaming regulators. Who Con…

Coinbase Escalates Regulatory Fight With Lawsuit Against Three States

Coinbase Global Inc. has sued the states of Michigan, Illinois, and Connecticut in federal court, asking judges to stop state regulators from treating prediction markets as illegal gambling. The exchange says those matters should be regulated by the federal Commodity Futures Trading Commission (CFTC), not by state gaming authorities. According to Coinbase, prediction market contracts are derivatives that fall under the Commodity Exchange Act, an…

Coinbase Files Lawsuits Challenging States’ Efforts to Control Prediction Markets

Coinbase filed lawsuits in Connecticut, Michigan and Illinois, challenging each state’s efforts to control or block prediction markets. Paul Grewal, chief legal officer at Coinbase, said in a Thursday (Dec. 18) post on social platform X that the lawsuits will confirm that “prediction markets fall squarely under the jurisdiction of the [Commodity Futures Trading Commission], not any individual state gaming regulator (let alone 50).” To…