Coinbase has submitted a letter to the Commodity Futures Trading Commission (CFTC) advocating for the unified regulation of prediction markets. The company argues that event contracts are not novel and are akin to futures and derivatives, thus falling within existing legal frameworks. Coinbase emphasizes that prediction markets offer price discovery and risk hedging benefits and should be regulated at the federal level to avoid conflicts arising from state-level oversight. The letter also highlights that the CFTC already possesses the authority to review or prohibit contracts that may involve manipulation or harm public interest. Coinbase suggests that restrictions should be applied on a case-by-case basis rather than imposing blanket limitations on these markets.