Coinbase Loses Bid to Block Conn. Regulators Over Sports Betting
A Connecticut federal judge has denied Coinbase's request to block state gaming regulators from cracking down on its sports offerings. This decision comes after a nearly identical ruling against Kalshi earlier in the day. The ruling is seen as a significant setback for Coinbase, which had argued that its platform is compliant with state regulations.
The decision by Judge [no judge name mentioned] denies Coinbase's motion to enjoin the Connecticut Department of Consumer Protection from enforcing state gaming laws against the company. This means that Coinbase will have to comply with the state's regulations regarding sports betting, including obtaining necessary licenses and permits.
Coibnase had argued that its platform was in compliance with state regulations and that the regulators' actions were overly broad and burdensome. However, the judge disagreed, citing the nearly identical ruling against Kalshi earlier in the day as a key factor in his decision.