According to CoinMeta, the legal team of Coinbase submitted a brief to the U.S. Second Circuit Court of Appeals, requesting the court to confirm CFTC's exclusive regulatory authority over prediction markets. Coinbase stated that prediction markets are already governed by the Commodity Exchange Act and should be uniformly regulated by CFTC, rather than being managed independently by each of the 50 states in the United States, and Congress has already provided a clear answer to this issue.