According to CoinMeta, Coinbase Chief Legal Officer Molly Abraham stated that the company has submitted an appeal brief to the U.S. Second Circuit Court of Appeals, seeking to confirm the exclusive regulatory authority of the Commodity Futures Trading Commission (CFTC) over prediction markets. Coinbase believes that the focus of the dispute is not whether prediction markets should be regulated, but rather whether they should be uniformly regulated by CFTC, which has over 50 years of experience in derivatives regulation, or whether each state in the United States should formulate and enforce its own rules. The company argues that the Commodity Exchange Act has granted CFTC the relevant regulatory powers and requests the court to confirm the precedence of federal regulatory authority.