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

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Coinbase has sued Michigan, Connecticut, and Illinois, arguing that prediction markets should be regulated by the CFTC, not state gaming authorities. The exchange claims state actions hinder innovation and violate federal law. The move follows its Kalshi partnership, a CFTC-regulated platform. As liquidity and crypto markets evolve, the lawsuits aim to settle regulatory jurisdiction. Meanwhile, the EU Markets in Crypto-Assets Regulation continues to shape global standards. State regulators have taken enforcement actions, calling prediction markets unlicensed gambling.
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