NY sues prediction markets over running illegal gambling platforms
New York Attorney General Letitia James is suing Coinbase and Gemini Titan, alleging their prediction markets operate as illegal gambling platforms.Summary
New York Attorney General Letitia James has filed lawsuits against Coinbase and Gemini Titan, claiming they are running illegal gambling operations under New York law. These platforms allow users to wager on events like sports, elections, and public figure actions. James argues these “prediction markets” violate state laws prohibiting unlicensed gambling, betting on college sports, and allowing individuals under 21 to gamble. Coinbase contends these markets are federally regulated exchanges and should be subject to federal oversight, a position supported by a recent Third Circuit Court of Appeals ruling in New Jersey. However, similar lawsuits are pending in other states, and the legality of prediction markets remains uncertain, potentially leading to a Supreme Court review.
(Source：Amny)