Coinbase has filed a merits brief with the U.S. Court of Appeals for the Second Circuit, asking the court to confirm that the Commodity Futures Trading Commission has exclusive regulatory authority over prediction markets, according to a post by Coinbase legal team member Molly Abraham. Abraham said the dispute is not about whether prediction markets should be regulated, because they are already subject to the Commodity Exchange Act. The question, she wrote, is whether those markets should be overseen by the CFTC, which has more than 50 years of experience regulating derivatives markets, or by all 50 U.S. states acting separately. Coinbase said Congress has already given a clear answer on that point, and that the brief was filed to ask the court to recognize it. The filing puts the company’s position squarely before the Second Circuit as it seeks a ruling on which regulator should have authority over the sector.
Coinbase has filed a merits brief with the U.S. Court of Appeals for the Second Circuit, asking the court to confirm that the Commodity Futures Trading Commission, or CFTC, has exclusive regulatory authority over prediction markets, according to a post by Coinbase legal team member Molly Abraham.
Abraham said the dispute is not about whether prediction markets should be regulated. She wrote that they are already governed by the Commodity Exchange Act. The issue, in her account, is whether oversight should rest with the CFTC, which she said has more than 50 years of experience regulating derivatives markets, or with all 50 U.S. states acting separately.
Coinbase said Congress has already provided a clear answer and that the brief was submitted to ask the court to confirm that position.
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