Crypto
Michigan Court Denies Coinbase Preliminary Injunction Over Sports Event Contracts
A federal court in Michigan has denied Coinbase's motion for a preliminary injunction against state enforcement actions on its sports event contracts.
The ruling allows Michigan regulators to continue enforcing laws against Coinbase, which may include fines and cease-and-desist orders.
Coinbase had argued that the contracts are not subject to state oversight, citing federal regulatory frameworks and the Commodity Futures Trading Commission's jurisdiction over certain derivatives.
The denial of the preliminary injunction means Michigan can continue its enforcement actions while the case proceeds to a full trial on the merits.