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Negative reactions to cryptocurrency exchange Coinbase using its notifications to push bets on event contracts amid the March Madness basketball tournament range from “annoying” to “absurd.”for US-based users as part of a partnership with Kalshi.
However, for some users, the last two months have been seen as an opportunity for the exchange to get people “hooked on sports gambling” using an app that many had devoted to crypto trading. “I have received three separate notifications about College Basketball from Coinbase in the past hour alone,”“It is absurd that, amidst arguably the worst collapse in trust in this industry’s history, the largest American CEX has completely pivoted to trying to get their customer base hooked on sports gambling, so that they can extract even more exorbitant fees,” he continued.Like sports event contract betting on platforms such as Kalshi and Polymarket, Coinbase Prediction Markets offers US-based users the chance to bet on the outcomes of a variety of events., the US Commodity Futures Trading Commission , pushes for “exclusive jurisdiction” over the market.a similar sentiment over the Coinbase notifications, pushing bets on March Madness games: “This is essentially encouraging me to gamble. What does that say about the internal philosophy around money management? Can I trust the yield sources on USDC interest? Can I trust internal risk management, etc?”in Connecticut, Illinois and Michigan. The exchange argued, likely in anticipation of its prediction market launch, that the CFTC, not state-level gambling authorities, should regulate the platform.the notifications to a “bug” and apologized to users: “e’ll need to find the right balance of not pushing things on people they don’t want, but making sure whatever they want is there. Clearly, we missed the mark in this case. We’ll take it as an opportunity to improve.”Congress seeks to ban politicians from using prediction markets amid insider information allegations Amid user feedback and state-level lawsuits, many US lawmakers have also been calling for legislation to address issues in prediction markets. Allegations of individuals in government and insiders close to the political apparatus using Polymarket to profit from a bet on the removal of Venezuelan President Nicolás Maduro have led to billsBoth Kalshi and Polymarket have introduced separate policies to curb insider trading. Kalshi
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