Coinbase Denied Preliminary Relief in Michigan Sports Betting Lawsuit

Coinbase Financial Markets has lost its bid for preliminary relief in Michigan after U.S. District Judge Shalina Kumar refused to block state officials from enforcing sports betting laws against the company's event contracts.

The order leaves Coinbase without the injunction it sought as its challenge continues, although the case does not resolve every issue in the underlying lawsuit.

Coinbase sued Michigan Attorney General Dana Nessel, arguing that event contracts offered through federally regulated prediction markets fall under the Commodity Exchange Act and the Commodity Futures Trading Commission's exclusive jurisdiction.