Coinbase’s Legal Team Seeks Confirmation of the CFTC’s Exclusive Authority over Prediction Markets
Coinbase legal team member Molly Abraham wrote that Coinbase has filed an opening brief with the U.S. Court of Appeals for the Second Circuit, asking the court to confirm the Commodity Futures Trading Commission’s (CFTC) exclusive authority over prediction markets. Molly emphasized that the issue is not whether prediction markets should be regulated—they are already subject to the Commodity Exchange Act—but whether they should be regulated uniformly by the CFTC, which has more than 50 years of experience overseeing derivatives markets, or separately by each of the 50 states. Coinbase said Congress has already provided a clear answer on the matter, and that the brief asks the court to affirm it.
Coinbase legal team member Molly Abraham wrote that Coinbase has filed an opening brief with the U.S. Court of Appeals for the Second Circuit, asking the court to confirm the Commodity Futures Trading Commission’s (CFTC) exclusive authority over prediction markets. Molly emphasized that the issue is not whether prediction markets should be regulated—they are already subject to the Commodity Exchange Act—but whether they should be regulated uniformly by the CFTC, which has more than 50 years of experience overseeing derivatives markets, or separately by each of the 50 states. Coinbase said Congress has already provided a clear answer on the matter, and that the brief asks the court to affirm it.