NY AG sues Coinbase, Gemini over prediction markets

New York Attorney General Letitia James has filed lawsuits against Coinbase and Gemini, alleging their prediction market platforms constitute illegal gambling operations. The AG specifically cited concerns about platforms allowing users aged 18-21, which violates New York's age requirement of 21 for mobile sports betting. The lawsuits seek fines, restitution, and forfeiture of profits, asserting that these prediction markets are not exempt from state gambling regulations. This action highlights the ongoing regulatory scrutiny faced by crypto platforms offering novel financial products.