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Coinbase Loses Michigan Bid Over Sports Prediction Markets

Guavy AI Editorial Team
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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 ruling leaves Michigan's sports betting authority intact while Coinbase continues challenging state jurisdiction nationwide.

Federal courts remain divided over whether CFTC-regulated sports contracts preempt state gambling and betting laws. The CFTC has taken an opposing institutional position, with Chairman Michael Selig repeatedly stating the agency has exclusive jurisdiction over federally regulated prediction markets.

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