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Coinbase Sues Three U.S. States Over Predictive Market Regulation

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Coinbase has sued Michigan, Illinois, and Connecticut, arguing predictive markets should fall under CFTC jurisdiction, not state gambling laws. The firm cited concerns over stablecoin regulation and Countering the Financing of Terrorism as key reasons for federal oversight. Coinbase plans to launch predictive markets via a Kalshi partnership by January 2026. State regulators have issued cease-and-desist orders, calling sports-related markets unlicensed gambling. Coinbase’s legal team says state interference violates the law and stifles innovation.
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