Coinbase has filed lawsuits against Illinois, Michigan, and Connecticut, seeking to prevent state gambling laws from being applied to its prediction markets, which are federally regulated. The company contends that event contracts fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC), not state gaming regulators. This legal action follows warnings from state officials that partners like Kalshi could face penalties for unlicensed sports betting. Coinbase argues that the application of state gambling laws would negatively impact innovation, liquidity, and the broader crypto markets. Additionally, the company suggests that these state regulations could complicate efforts related to Countering the Financing of Terrorism, emphasizing the need for a clear regulatory framework that supports the growth of prediction markets.
Coinbase Challenges State Gambling Laws in Federal Court
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