«Наша игра — это не азарт»: Coinbase противостояла местным регуляторам в трёх штатах Translation: Our game is not gambling: Coinbase stands against local regulators in three states

Coinbase has filed lawsuits against the authorities in Michigan, Illinois, and Connecticut. The exchange insists that the oversight of prediction markets falls under the jurisdiction of the CFTC, rather than local gambling regulators.

The company’s chief legal officer, Paul Grewal, argues that the U.S. Congress designated the CFTC as the sole regulatory body for this sector, meaning that states lack the authority to interfere with such platforms.

“Attempts by states to regulate or block these markets stifle innovation and violate the law,” Grewal stated.

In its lawsuit, Coinbase highlighted that local government intervention could cause “irreparable harm” to the business.

Grewal pointed out that regulators mistakenly equate sports betting with gambling. He indicated that Congress has excluded only a narrow range of assets, such as bows and box office receipts, from the definition of a “commodity.” All other categories, including sports events, fall under the CFTC’s purview.

A Coinbase representative also clarified the fundamental difference between prediction markets and bookmakers:

“Casinos win only when you lose, setting odds to maximize their profit. Prediction markets are neutral exchanges that connect buyers and sellers.”

The day before, the exchange announced a partnership with the regulated platform Kalshi, which plans to provide U.S. clients access to event trading contracts starting in January 2026.

In 2025, there was significant interest in the prediction markets sector.

Earlier this month, Trust Wallet, owned by Changpeng Zhao, integrated an option for participating in prediction markets into its interface, and later, the founder of Binance introduced a new platform called predict.fun on the BNB Chain blockchain.

The growing segment has also seen participation from Robinhood and MetaMask, which has added trading with perpetual contracts via Hyperliquid.

In November, Galaxy founder Mike Novogratz revealed that the company is in talks with Polymarket and Kalshi about providing market-making services.