Coinbase has submitted a comment letter to the CFTC regarding prediction markets, stating that event-based contracts are not new and are similar in nature to futures and derivatives, already within the scope of existing legal authority. The opinion points out that prediction markets have price discovery and risk hedging functions and should be uniformly regulated by the CFTC to avoid conflicts caused by state-level fragmented regulation. At the same time, the CFTC already has the authority to review or prohibit contracts that potentially manipulate the market or harm public interests, and should restrict this type of market on a case-by-case basis rather than overall.