Operator v. state
Coinbase Financial Markets, Inc. v. Tong
U.S. Court of Appeals for the Second Circuit, 26-2297
Pending
Pending; ordered heard in tandem (Sept. 3, 2026) with Kalshi's New York (26-1835) and Connecticut (26-2239) appeals. No argument date or ruling found as of Oct. 21, 2026.
The question
Whether the Commodity Exchange Act preempts Connecticut gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
Coinbase is appealing a Aug. 10, 2026 order in its Connecticut case; the Second Circuit will hear it with the two Kalshi appeals.
Docket timeline
Tandem-hearing order.
Source: dockets.justia.com
Appeal docketed.
Source: dockets.justia.com