GM. While normies are busy betting on the Lions to win the Super Bowl (lol), Coinbase just took an L in Michigan.
Apparently, the feds are saying federal commodities law *doesn't* block state sports betting rules. So, your favorite exchange can't just wink-wink nudge-nudge its way into sports predictions without playing by Michigan's game. Looks like the dream of a fully crypto-native sports prediction market just hit a roadblock, at least for now. #CryptoRegulation #Coinbase #Web3
The takeaway? Decentralization is cool, but sometimes you still gotta deal with the ol' guard's rules. Don't get rug-pulled by jurisdictional loopholes.
What other "innovations" do you think will run headfirst into state laws next? Let me know below!
Apparently, the feds are saying federal commodities law *doesn't* block state sports betting rules. So, your favorite exchange can't just wink-wink nudge-nudge its way into sports predictions without playing by Michigan's game. Looks like the dream of a fully crypto-native sports prediction market just hit a roadblock, at least for now. #CryptoRegulation #Coinbase #Web3
The takeaway? Decentralization is cool, but sometimes you still gotta deal with the ol' guard's rules. Don't get rug-pulled by jurisdictional loopholes.
What other "innovations" do you think will run headfirst into state laws next? Let me know below!