Coinbase Shifts NY Prediction Markets Case to Federal Court
Cointelegraph
Coinbase has moved a lawsuit filed by New York's Attorney General regarding prediction markets from state court to federal court.Summary
Coinbase's Chief Legal Officer, Paul Grewal, announced that the company has transferred a lawsuit brought by New York Attorney General Letitia James from state to federal court. The lawsuit alleges that Coinbase and Gemini violated state gambling laws by offering prediction markets without proper licensing. Coinbase argues that the case involves significant questions of federal law and that these markets fall under the exclusive oversight of the Commodity Futures Trading Commission (CFTC), rather than state gaming regulators. This action escalates a broader conflict regarding whether state authorities or federal agencies hold jurisdiction over prediction markets.
(Source：Cointelegraph)