New York Sues Coinbase and Gemini Over Unlicensed Prediction Markets
New York is suing Coinbase and Gemini, accusing their prediction market platforms of being illegal gambling operations. Attorney General Letitia James’ lawsuit seeks to halt their operations in the state unless they obtain licenses from the Gaming Commission. The suit contends these unregulated platforms expose young people to addictive services without proper safeguards, unlike licensed casinos and sportsbooks which are heavily taxed by the state. This action follows similar arguments from other prediction market companies claiming federal preemption over state regulation.
John Q. Hosedrinker