Paul Grewal
Role at the time: Chief Legal Officer of Coinbase, writing in a thread on X
Condemned
Statement summary
Coinbase Chief Legal Officer Paul Grewal wrote on X that state efforts to control or block prediction markets violate the law. He said prediction markets differ from sportsbooks because they are neutral exchanges that match buyers and sellers.
“State efforts to control or outright block these markets stifle innovation and violate the law Prediction markets are fundamentally different from sportsbooks. Casinos win only if you lose and set odds to maximize their profits Prediction markets are neutral exchanges, indifferent to price, that match buyers and sellers.”
Open source (opens in a new tab)Coinbase files lawsuits in 3 states over attempts to regulate prediction marketsParagraphs quoting Grewal's thread on X
Why we used this label
The case asks whether Connecticut can regulate sports prediction markets as gambling. Grewal wrote that state efforts to control or block these markets stifle innovation and violate the law, and that prediction markets are neutral exchanges that differ from sportsbooks. That expressly rejects state regulation of these markets as gambling, so we labeled it Condemned.