2 hours ago
The crypto speech is taking ineligible enactment against Connecticut, Michigan and Illinois, Chief Legal Officer Paul Grewal wrote connected X.
Dec 19, 2025, 10:09 a.m.
Coinbase (COIN), the crypto speech that plans to adhd prediction markets to its platform, is taking ineligible enactment successful Connecticut, Illinois and Michigan implicit the states' attempts to modulate those markets.
The institution filed lawsuits to "confirm what is clear," Chief Legal Officer Paul Grewal wrote successful a station connected X connected Friday: that prediction markets autumn nether the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) and not idiosyncratic authorities gaming regulators.
Prediction markets fto users speculate connected events by buying shares successful contracts pegged to imaginable outcomes specified arsenic the victor of a boxing lucifer oregon cardinal slope interest-rate decisions. Coinbase connected Wednesday announced plans to incorporated prediction markets, initially done integrating Kalshi. State gaming regulators are attempting to flex their muscles to forestall specified services being offered connected the ground they are a signifier of gambling.
"State efforts to power oregon outright artifact these markets stifle innovation and interruption the law," Grewal wrote.
"Prediction markets are fundamentally antithetic from sportsbooks. Casinos triumph lone if you suffer and acceptable likelihood to maximize their profits," helium added. "Prediction markets are neutral exchanges, indifferent to price, that lucifer buyers and sellers."
The markets are classed arsenic a signifier of derivative due to the fact that their worth depends connected the result of a aboriginal event.
Congress deliberately excluded definite circumstantial underliers from its explanation of a commodity, making it wide that everything other falls wrong the CFTC's purview, according to Grewal.
"Coinbase brings this enactment to forestall Defendants from unlawfully applying Illinois gambling laws to federally regulated transactions that are taxable to azygous national instrumentality nether the exclusive jurisdiction of the CFTC," the exchange's filing successful Illinois dated Dec. 18 said.
More For You
Protocol Research: GoPlus Security
What to know:
- As of October 2025, GoPlus has generated $4.7M successful full gross crossed its merchandise lines. The GoPlus App is the superior gross driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol astatine $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 cardinal monthly calls year-to-date successful 2025 , with a highest of astir 1 cardinal calls successful February 2025. Total blockchain-level requests, including transaction simulations, averaged an further 350 cardinal per month.
- Since its January 2025 motorboat , the $GPS token has registered implicit $5B successful full spot measurement and $10B successful derivatives measurement successful 2025. Monthly spot measurement peaked successful March 2025 astatine implicit $1.1B , portion derivatives measurement peaked the aforesaid period astatine implicit $4B.
More For You
Senate confirms Trump crypto-friendly nominees to instrumentality implicit CFTC, FDIC
In a bundle of confirmations, the U.S. Senate approved Mike Selig to pb the CFTC and Travis Hill to tally the FDIC, some with large imaginable scope into crypto.
What to know:
- The U.S. Senate moved to corroborate a monolithic bundle of President Donald Trump's nominees connected Thursday, including 2 officials with important regulator roles implicit the crypto sector.
- The enclosure approved the confirmations of Mike Selig to tally the Commodity Futures Trading Commission and Travis Hill to pb the Federal Deposit Insurance Corp.
- Selig volition person a starring relation arsenic a crypto watchdog, replacing Acting Chairman Caroline Pham, who has been pushing an assertive crypto argumentation docket successful the lack of a imperishable bureau chief.
English (US) 