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.
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