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Coinbase Sues Connecticut, Illinois, and Michigan Over Prediction Market Regulation

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Coinbase has sued Connecticut, Illinois, and Michigan, arguing that CFTC-approved prediction markets should be treated as derivatives under federal law, not gambling under state rules. The exchange says conflicting state laws risk stifling innovation in crypto markets and financial products. The case could impact liquidity and crypto markets by clarifying regulatory boundaries. The lawsuits also mention concerns related to Countering the Financing of Terrorism.
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