Coinbase agrees to halt sports contracts in Michigan

Coinbase has agreed to stop offering new sports-related event contracts in Michigan and close any remaining open contracts by Oct. 10. The agreement does not resolve the dispute over how the contracts should be regulated.

The deal follows Michigan’s action against Kalshi, which was blocked from offering sports-related contracts in September, and a similar agreement by Robinhood. Coinbase and Kalshi argue the contracts fall under federal commodities oversight, while Michigan says sports outcome contracts must comply with state gambling laws.

Michigan officials say the companies’ sports contracts amount to betting that requires state licensing. The legal dispute will determine whether state gambling rules or federal commodities regulations govern the products.

Read the full story at spectrumlocalnews.com.