Coinbase Joins Kalshi in Battle Against State Gambling Regulators [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
State gambling regulators have issued a string of cease-and-desist orders against Kalshi. Both Coinbase and Kalshi are seeking a definitive federal ruling to settle the matter. Coinbase has joined Kalshi in pushing back against U.S. state gambling regulators, escalating a growing legal clash over the future of prediction markets. At issue is the question of whether event contracts should be federally regulated as financial instruments or treated as gambling products under state law. Throughout 2025, state gambling authorities have moved to shut down or restrict Kalshi and other prediction market platforms. The latest state to issue cease-and-desist orders is Connecticut , which has joined Illinois, Maryland, New Jersey, Arizona, Nevada, Massachusetts, and New York among those that have launched or threatened legal action. Several Native American tribes have also filed lawsuits, arguing that prediction market operators infringe on their exclusive rights to offer certain ga
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