TechFlow, December 19 — According to The Block, Coinbase has filed lawsuits against Michigan, Illinois, and Connecticut, arguing that prediction markets should be exclusively regulated by the Commodity Futures Trading Commission (CFTC) rather than state gambling regulators. This move follows Coinbase's recent announcement of a partnership with Kalshi, a platform regulated by the CFTC, as part of its plan to enter the prediction market sector in January 2026. Coinbase Chief Legal Officer Paul Grewal stated that state-level intervention would hinder innovation and violate existing laws. While prediction markets have grown rapidly in recent years, several state regulators have issued cease-and-desist orders to related platforms, asserting that certain activities—particularly sports-related prediction markets—constitute unlicensed gambling.
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