Coinbase legal team: Seeking confirmation of CFTC's exclusive regulatory authority over prediction markets

Molly Abraham, a member of the Coinbase legal team, stated that Coinbase has submitted a brief to the U.S. Court of Appeals for the Second Circuit, requesting the court to confirm the exclusive regulatory authority of the Commodity Futures Trading Commission (CFTC) over prediction markets.

Molly emphasized that the focal point of the dispute is not whether prediction markets should be regulated, as they are already governed by the Commodity Exchange Act, but rather whether they should be uniformly regulated by the CFTC, which has over 50 years of experience in derivatives market regulation, or whether each of the 50 states should regulate them independently. Coinbase stated that Congress has provided a clear answer on this matter, and this brief submission aims to request the court for confirmation.