News Summary

• Coinbase Financial Markets Inc.
• has agreed to stop offering new sports-event contracts to Michigan customers and close remaining open positions by midnight Saturday.
• In return, Michigan will hold off on enforcement action while Coinbase complies and related appeals continue.
• The agreement does not end the dispute over whether Michigan can regulate event contracts registered with the CFTC as gambling.
• Instead, it sets an operating restriction for Coinbase while the legal question remains before the courts.
• It follows a similar deal with Robinhood Derivatives LLC and a state-court preliminary injunction against KalshiEX LLC.