Key Takeaways:
- New York brings suit against Coinbase and Gemini in connection with unlicensed prediction markets
- State claims platforms are illegal gambling under local law
- Coinbase maintains that prediction markets should be regulated by the federal CFTC (as opposed to state regulations)
State regulators have begun launching a new legal fight in the U.S. crypto industry against prediction markets. The case presents the increasing tension between the enforcement at the federal level and the state level.
New York Targets Prediction Market Offerings
New York Attorney General Letitia James has sued Coinbase and Gemini, claiming that both exchanges did not obtain the appropriate gambling licenses to their products in their prediction market.
🚨NEW: NY Attorney General Letitia James has sued <...
English (US)