According to the source, Coinbase has filed lawsuits against three U.S. states over restrictions on crypto prediction markets, source: provided link. The reported lawsuits indicate active state-level enforcement that could determine where on-chain prediction markets can operate in the U.S., which is material for exchange listings and liquidity conditions, source: provided link. Traders should monitor the complaints and any motions for temporary restraining orders or preliminary injunctions referenced in the filings to assess operational status in the affected states and potential headline risk to COIN, source: provided link.

According to @StockMKTNewz, Coinbase (COIN) said it is suing the U.S. states of Michigan, Illinois, and Connecticut over their attempts to regulate prediction markets, source: Bloomberg via @StockMKTNewz. This legal action challenges state-level oversight of prediction markets in the U.S. and is centered on COIN as the company plaintiff, source: Bloomberg via @StockMKTNewz.

According to @iampaulgrewal, the U.S. District Court in KalshiEX, LLC v. Hendrick (D. Nev.) characterized Kalshi’s sports-related event contracts as sports wagers and cited Justice Potter Stewart’s Jacobellis v. Ohio line, “I know it when I see it,” 378 U.S. 184, 197 (1964) (@iampaulgrewal). According to @iampaulgrewal, he expects a future Miller-style standard to replace that subjective approach, referencing Miller v. California as the model for a clearer test (@iampaulgrewal). Based on @iampaulgrewal’s statement, traders should price in elevated U.S. legal uncertainty and potential liquidity/volatility impacts for sports-event prediction markets with a U.S. nexus until standards are clarified (@iampaulgrewal).

According to @EleanorTerrett, Acting CFTC Chair Caroline D. Pham is recruiting CEOs for a new innovation council to advise on shaping regulations for prediction markets and crypto so the agency can “hit the ground running” in January (source: @EleanorTerrett on X, Nov 25, 2025). According to @EleanorTerrett, the post highlights a focus on prediction markets and crypto rulemaking and references a tentative Senate schedule, though further specifics were not included in the post (source: @EleanorTerrett on X, Nov 25, 2025). According to @EleanorTerrett, the January timing cue suggests traders should anticipate U.S. regulatory headlines concerning prediction markets and broader crypto oversight during that window (source: @EleanorTerrett on X, Nov 25, 2025).