Coinbase, registered as a Futures Commission Merchant, argues that event contracts are “swaps” under federal law and fall within the CFTC’s exclusive jurisdiction. The company invokes express, field and conflict preemption under the Supremacy Clause, contending that a patchwork of state gambling laws would undermine national uniformity.
FAQ What is Nevada accusing Coinbase of?Nevada regulators allege Coinbase offered unlicensed sports and event contracts that qualify as wagering under state law. What is Coinbase’s defense?Coinbase argues the contracts are federally regulated swaps under the Commodity Exchange Act and fall under CFTC jurisdiction. Why does this case matter nationally?The ruling could determine whether states can impose gambling laws on CFTC-approved prediction markets. What happens next?State and federal hearings are scheduled in February 2026 to address injunction requests and preemption claims.Coinbase vs. Nevada: Who Regulates Prediction Market Event Contracts?
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