Coinbase Warns Of ‘Immediate And Irreparable’ Harm As It Sues Three US States Over Prediction Market Regulation
Coinbase Global Inc. (NASDAQ:COIN) has filed lawsuits against Michigan, Illinois, and Connecticut, challenging state authority over the regulation of prediction markets.
The legal action, initiated on Thursday, seeks to establish that the Commodity Futures Trading Commission (CFTC) is the sole regulator of these markets, not individual state gaming regulators. The company argued in its court filing in Illinois that state intervention could cause “immediate and irreparable” harm to its operations.
In a post on X, Coinbase’s Chief Legal Officer, Paul Grewal, said: “Today, Coinbase filed lawsuits in CT, MI, and IL to confirm what is clear: prediction markets fall squarely under the jurisdiction of the CFTC, not any individual state gaming regulator (let alone 50).”
“State efforts to control or outright block these markets stifle innovation and violate …
About The Author
