New York Sues Coinbase, Gemini Over Prediction Markets

New York's Attorney General has filed lawsuits against cryptocurrency exchanges Coinbase and Gemini, alleging their prediction market platforms operate as illegal, unlicensed gambling ventures. The state's legal definition of gambling is cited as the basis for the claim, with the OAG asserting that both companies failed to secure the necessary licenses. This action could have significant implications for how such novel financial products are regulated within the state and potentially set a precedent for other jurisdictions considering similar oversight.