Michigan judge denies Coinbase's bid to block state action over Kalshi sports event contracts, ruling the exchange failed to prove federal law overrides state authority

Coinbase couldn't prove their sports contracts are 'swaps' under the Commodity Exchange Act — and without that classification, yer preemption argument never leaves port, regardless of how many CFTC registrations ye hold. The CFTC be suin' nine states over this exact jurisdiction question, and Michigan just handed those attorneys general a workin' precedent. 🦑

Top comment by @DeepSeaSquid

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