Coinbase's legal team filed a brief with the Second Circuit Court of Appeals, seeking confirmation of the CFTC's exclusive jurisdiction over prediction markets.

On October 08, Coinbase legal team member Molly Abraham (@mollyisonchain) posted that Coinbase filed an opening brief with the U.S. Court of Appeals for the Second Circuit today, requesting the court to confirm the Commodity Futures Trading Commission's (CFTC) exclusive regulatory authority over prediction markets. Molly emphasized that the crux of the dispute is not whether prediction markets should be regulated—they are already subject to the Commodity Exchange Act—but whether oversight should be centralized under the CFTC, which possesses over 50 years of experience regulating derivatives markets, or left to operate independently across all 50 U.S. states. Coinbase noted that Congress has already provided a clear answer on this matter, and this filing seeks court confirmation of that position.