New York Attorney General Letitia James sues Coinbase, Gemini, calls their prediction markets illegal gambling [CBS News]
Coinbase Global, Inc. - Class A (COIN)
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Source: CBS News
James recently filed lawsuits against Coinbase Financial Markets, Inc. and Gemini, Titan LLC. "Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and constitution," James said. "Gemini and Coinbase's so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails." Prediction markets, James says, "allow users to bet money on the outcome of a wide range of future events, from sports games to elections to award shows." They therefore fit the definition of gambling in the Empire State, James said. According to the lawsuit, Coinbase "offered bettors the ability to wager on whether the New York Knicks would win a basketball game by over 6.5 points or who would win the February 8, 2026, Super Bowl or college basketball games, such as the February 14, 2026, game between St. John's University and Providence College," and Gemini "offered bettors the abili
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