Coinbase's legal team filed a brief with the Second Circuit Court of Appeals, seeking confirmation of the CFTC's exclusive jurisdiction over prediction markets.

Molly Abraham (@mollyisonchain), a member of Coinbase’s legal team, posted that Coinbase filed an appellate brief today with the U.S. Court of Appeals for the Second Circuit, requesting the court to confirm the Commodity Futures Trading Commission’s (CFTC) exclusive regulatory authority over prediction markets. Molly emphasized that the crux of the dispute is not whether prediction markets should be regulated—they are already governed by the Commodity Exchange Act—but rather whether they should be uniformly overseen by the CFTC, which brings more than 50 years of experience managing derivatives markets, or subjected to disparate regulation across all 50 states. According to Coinbase, Congress has already answered this question clearly, and this filing seeks judicial confirmation of that ruling.