Woofun AI reports that Coinbase Chief Legal Officer Paul Grewal described an amicus brief filed by former U.S. Acting Solicitor General Prelogar as a "masterpiece." The document, submitted to the U.S. Court of Appeals for the Sixth Circuit on behalf of the Coalition for Prediction Markets, supports Kalshi. Grewal noted the brief establishes the Commodity Futures Trading Commission's exclusive regulatory jurisdiction over prediction markets. It argues that these markets uniquely aggregate information into price signals, with users trading at accepted prices without controlling contract terms.

Furthermore, the brief contends that state laws are ill-suited for regulation as they do not prioritize fair markets, price discovery, or the prevention of market manipulation.