Coinbase Bats at Michigan Sports Contract Rules

Coinbase Financial Markets' attempt to dodge Michigan's sports contract regulations has been rejected by a federal judge.

A Thursday order denied Coinbase's request for a preliminary injunction against Michigan state rules on sports-based derivatives, according to Law360. The decision means that the company will have to comply with the requirements of the state.

The ruling was made in response to Coinbase's claim that federal law preempts Michigan's authority to regulate such contracts. However, the judge disagreed and stated that federal law does not supersede Michigan's jurisdiction in this matter.