Coinbase has submitted a comment letter to the CFTC regarding prediction markets, arguing that event-based contracts are not a new concept. Their nature is similar to futures and derivatives, and they fall within the scope of existing legal authorization. The letter points out that prediction markets have price discovery and risk hedging functions and should be regulated uniformly by the CFTC to avoid conflicts caused by fragmented state-level regulation. Additionally, the CFTC already has the authority to review or prohibit contracts that may involve manipulation or harm public interest. Regulation should focus on individual cases rather than imposing blanket restrictions on such markets. https://(wublock123.com)/news/coinbase-cftc-comment-on-prediction-markets-60477