Coinbase Chief Legal Officer Paul Grewal stated that former US Deputy Attorney General Prelogar, representing the Predictive Market Alliance, has submitted a friend of the court opinion in support of Kalshi to the US Sixth Circuit Court of Appeals, calling it a masterpiece. This document outlines the historical background of the exclusive regulatory authority of the US Commodity Futures Trading Commission over the prediction market, and proposes three key points: the ability of the prediction market to aggregate information and convert it into price signals, the inability of users to control contract prices and assume fair access obligations, and the unsuitability of US stock market state laws to regulate the prediction market.
