Coinbase Warns Against State-by-State Prediction Markets Chaos, Backs CFTC Oversight

Coinbase recently filed a formal comment letter with the Commodity Futures Trading Commission (CFTC), arguing that prediction markets are derivatives that fall under federal jurisdiction and should stay there. The company warned that letting states write their own rules for these markets would recreate the regulatory “total chaos” that Congress built the federal derivatives framework to prevent in the fir…