Michigan federal court dismisses Coinbase application, preventing it from blocking state-level regulation of sports event contracts.

TechFlow news, August 7, according to The Block, Michigan federal district court judge Shalina Kumar recently denied Coinbase's preliminary injunction application. Coinbase originally argued that pursuant to the Commodity Exchange Act (CEA), sports event contracts should fall under the exclusive federal jurisdiction of the Commodity Futures Trading Commission (CFTC), and Michigan gambling regulations had no authority to intervene. The judge held that Coinbase failed to prove that sports event contracts are swap instruments under the CEA, pointed out that complying with both federal and state laws is not impossible, noted that high costs alone do not constitute grounds for exemption, and described its claim as "applesauce".