Operator v. state
Coinbase Financial Markets, Inc. v. Raoul
U.S. District Court for the Northern District of Illinois, 1:25-cv-15406
Injunction granted
Before Judge Martha M. Pacold as a related case. On Oct. 2, 2026 the court granted Coinbase's preliminary-injunction request in part, together with Kalshi's and the federal government's; a proposed injunction is due Oct. 29, 2026 and fee challenges were reserved. No appeal reported as of Oct. 21, 2026.
The question
Whether the Commodity Exchange Act preempts Illinois gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
Coinbase Financial Markets, Inc. sued Illinois officials seeking declaratory and injunctive relief against application of state gambling law to its event contracts. Its PI motion, argued in February 2026, was decided together with the related federal and Kalshi cases in October 2026, when the court granted partial preliminary relief.
Docket timeline
Preliminary-injunction request granted in part; proposed injunction due Oct. 29, 2026.
Source: defirate.com
Court grants motion to reassign United States v. Illinois (No. 26-cv-03659) to Judge Pacold as related.
Source: dockets.justia.com
PI argument; motion taken under advisement.
Source: dockets.justia.com
Preliminary-injunction motion filed.
Source: dockets.justia.com
Complaint filed.
Source: dockets.justia.com
Sources
- Justia docket: Coinbase Financial Markets v. Raoul, N.D. Ill. 1:25-cv-15406
- Justia docket: KalshiEX v. Raoul, N.D. Ill. 1:26-cv-07363
- DeFi Rate: federal judge grants Kalshi and Coinbase partial injunctions against Illinois
- SBC Americas: federal court grants CFTC, Kalshi preliminary injunctions against Illinois (2026-10-05)