Coinbase sues regulators in three states over prediction markets
Coinbase filed lawsuits on 18 December against gaming regulators in Illinois, Michigan and Connecticut, arguing that federal law gives the Commodity Futures Trading Commission exclusive oversight of sports-related event contracts. The company seeks to prevent Illinois officials from enforcing state gambling laws against its federally regulated transactions; the three cases bring the dispute to 10 states, according to the report.
The lawsuits challenge whether state gambling laws can apply to sports-related event contracts offered through federally registered exchanges.