Who regulates prediction markets? Coinbase forces a US legal test

Coinbase argues the Commodity Exchange Act gives the CFTC exclusive authority over event contracts.
Earlier cases involving Kalshi show courts have yet to settle the issue decisively.
The rulings could shape how prediction markets and related financial products develop nationwide.Coinbase has taken its dispute with US regulators to court as it expands into prediction markets, filing lawsuits against authorities in Connecticut, Illinois, and Michigan.
The legal challenge centres on a fundamental