Detroit joins Michigan's legal fight against Coinbase over prediction markets
A legal dispute over prediction markets is heating up as Detroit prepares to back Michigan officials in their case against Coinbase. The city's lawyers will file an amicus brief by April 3, arguing that these markets break state gambling laws. Meanwhile, Coinbase insists federal regulators—not local governments—should oversee such platforms.
Separately, crypto analysts have released price forecasts for Golem and THETA, while DeepSnitch AI's token presale nears its deadline.
The clash centres on whether prediction markets fall under federal or state control. Coinbase maintains that the Commodity Futures Trading Commission (CFTC)—the main federal body for these markets—should take charge. The CFTC has recently eased restrictions on platforms like Polymarket and Kalshi, while the Securities and Exchange Commission (SEC) plays a broader role in crypto oversight.
Michigan, however, argues that prediction markets violate its gambling laws and must be regulated locally. Detroit's legal team will submit their formal support by the April 3 deadline. The state's position aligns with actions taken by California and Arizona, where authorities have also cracked down on similar platforms. Congress, too, has proposed bipartisan bills to ban prediction contracts tied to government decisions or military events. In unrelated crypto developments, analysts project Golem could reach a high of **$0.137 by December 2027**, while THETA might peak at **$0.587 by December 2026**. Elsewhere, DeepSnitch AI—a tool for smart contract audits and market intelligence—will close its token presale on **March 31, 2023, at 11 am UTC**. Investors using the promo code **DSNTVIP50** receive an extra 50% bonus.
Detroit's filing will add weight to Michigan's push for local oversight of prediction markets. The outcome could influence how other states regulate similar platforms. For crypto investors, the price forecasts and presale deadlines offer short-term opportunities, though regulatory battles may shape the industry's long-term rules.
