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New York sues prediction markets Coinbase and Gemini Titan, calls their operations gambling
The attorney general seeks to bar the platforms from New York, plus triple-profit penalties, restitution and campus marketing limits, citing unlicensed gambling.
- On Tuesday, New York Attorney General Letitia James sued Coinbase Financial Markets and Gemini Titan, alleging their prediction markets operate as unlicensed, illegal gambling platforms in violation of New York laws.
- James claims these platforms are "quintessentially gambling" because event outcomes remain outside bettors' control, failing to meet state licensing requirements for sports, election, and event wagering.
- The lawsuit alleges the companies expose New Yorkers under 21 to "serious financial and personal risk," with James seeking to recoup illegal profits plus civil penalties equal to triple those profits.
- Shares of Coinbase Global Inc. fell about 5% following the suit, though Coinbase Chief Legal Officer Paul Grewal stated the company will continue to fight for "federal oversight."
- This filing intensifies a wider conflict between state regulators and the Commodity Futures Trading Commission, which asserts "exclusive regulatory authority" over prediction markets, preempting state-level bans.
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NY Sues Coinbase, Gemini Over Prediction Markets
New York is suing Coinbase and Gemini over unregulated and unlicensed prediction market platforms that the state contends are illegal gambling operations. Attorney General Letitia James' lawsuit, filed Tuesday in state court in Manhattan, seeks to bar the companies' platforms from operating in the state unless and until they obtain...
·Miami, United States
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Associated Press News+20 Reposted by 20 other sources
New York sues Coinbase and Gemini, seeking to halt unlicensed prediction market businesses
New York is suing Coinbase and Gemini over unregulated and unlicensed prediction market platforms that the state contends are illegal gambling operations.
·United States
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Total News Sources58
Leaning Left17Leaning Right3Center18Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 45%
C 47%
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