multi source·7h ago·6 sources analyzed
New York files lawsuit against Coinbase and Gemini over prediction markets
New York has initiated legal action against Coinbase and Gemini, alleging violations of state gambling laws. The lawsuit seeks to stop their prediction market operations. (sources: ap, abcnews, thehill, engadget, reuters)
ModernAction Briefing
The New York Attorney General has sued Coinbase and Gemini, claiming their prediction markets operate as illegal gambling under state law. The lawsuit aims to halt these unlicensed businesses.
- The New York Attorney General filed the lawsuit against Coinbase and Gemini.
- The lawsuit alleges that the prediction markets violate state gambling laws.
- The Attorney General argues that the platforms should be classified as gambling under New York law.
Why it matters
The outcome of this lawsuit could impact the regulation of prediction markets and the operations of cryptocurrency companies in New York.
No specific legislation identified for action yet.
Top coverage · 6 sources
apNew York sues Coinbase and Gemini, seeking to halt unlicensed prediction market businessesabcnewsNew York sues Coinbase and Gemini, seeking to halt unlicensed prediction market businesses - ABC NewsthehillNew York claims Coinbase, Gemini prediction markets violate gambling lawsengadgetNew York Attorney General sues two prediction markets on illegal gambling allegations