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Coinbase Sues US States in Prediction Market Dispute

Published by
Sohrab Khawas

Coinbase Global Inc. sued Michigan, Illinois, and Connecticut, challenging their attempts to regulate prediction markets as gambling. The crypto giant argues that only the CFTC has exclusive jurisdiction over these event contracts. This comes after Coinbase partnered with Kalshi to join the $27.9 billion market on elections, sports, and economy. Chief Legal Officer Paul Grewal noted that states have targeted Kalshi, Robinhood, and others, seeking court blocks on the grounds of interference.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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