New York sues Coinbase, Gemini over prediction market offerings
CoinDesk
New York sued Coinbase and Gemini, alleging their prediction markets for sports and elections constitute unlicensed, illegal gambling operations under state law.Summary
The New York Attorney General has filed lawsuits against Coinbase and Gemini, asserting that their prediction market offerings related to sports, entertainment, and elections violate state gambling laws. The state argues that these platforms function as unlicensed bookmakers, enabling individuals under 21 to engage in prohibited mobile betting. While the state maintains these are illegal gambling operations, the companies and federal regulators, such as the Commodity Futures Trading Commission, contend that these markets are federally regulated national exchanges. The dispute highlights a growing conflict between state oversight and federal jurisdiction, with the issue likely heading toward the U.S. Supreme Court.
(Source：CoinDesk)