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Coinbase has filed its opening brief with the 2nd U.S. Circuit Court of Appeals, asking the court to confirm that authority to regulate prediction markets rests exclusively with the U.S. Commodity Futures Trading Commission, not individual states.
Molly Abraham, Coinbase’s vice president of legal, said on X the issue is not whether prediction markets should be regulated, but who should regulate them. Abraham said prediction markets are already regulated under the Commodity Exchange Act and argued the key question is whether oversight should remain with the CFTC, which has supervised derivatives markets for more than 50 years, or with all 50 states acting under their own priorities. Abraham added Congress has already granted that authority to the CFTC and Coinbase is seeking judicial confirmation of that point.