Coinbase to halt Michigan sports event contracts under regulatory deal

Coinbase Financial Markets Incorporated has agreed to stop offering new sports event contracts to customers in Michigan and close all remaining open positions by midnight Saturday. ReadWrite reported that the agreement was reached with state regulators at the Michigan Gaming Control Board. Focus Gaming News and The Sports Geek also reported that Coinbase agreed to halt the sports contracts pending appeal. [1][3][4]

Under the terms of the deal, Michigan regulators will hold off on taking enforcement action against Coinbase while the company complies with the wind down and related legal appeals proceed. ReadWrite noted that the stipulation covers sports-related event contracts traded on Kalshi and other derivatives platforms. [1]

The United States courts of appeals serve as intermediate appellate courts in the federal judiciary and hear appeals from district court decisions or federal administrative agencies. They are organized into 13 circuits across the country, whose decisions may ultimately be reviewed by the Supreme Court of the United States. [6]

In related market movements, Gambling Insider reported that Kalshi has partnered with four tribes in Michigan as Coinbase exits the sports event market in the state. [2]