Prediction Markets’ Billion Dollar Crackdown: New York Sues Coinbase And Gemini [Forbes]
Coinbase Global, Inc. - Class A (COIN)
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Source: Forbes
violated state gambling laws by offering prediction markets , covering sports, entertainment, and politics. New York is seeking at least $2.2 billion from Coinbase and at least $1.2 billion from Gemini. You don't need a prediction market to see where this is going: New York Attorney General Letitia James isn't going to stop with Coinbase and Gemini. Prediction Markets: A $44 Billion Business Prediction markets recorded over $44 billion in total trading volume in 2025—up 4x from 2025—and is on pace to exceed $325 billion in 2026. One analyst firm projects volumes could top $1.1 trillion by 2030. The rapid rise traces back to October 2024, when a federal court ruled that Kalshi could legally offer election contracts. From there, the institutional money arrived: ICE—the parent company of the New York Stock Exchange—invested $2 billion in Polymarket at an $8–9 billion valuation, and Kalshi raised over $300 million at a $5 billion valuation, backed by Sequoia, a16z, and Paradigm.
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- A New York Suit Called Prediction Markets 'Illegal' Gambling. That Hit These Crypto Stocks [Yahoo! Finance]Yahoo! Finance
- 'Think Even Bigger': Michael Saylor Drops $2.54 Billion On Bitcoin, But What Do Prediction Markets Say? [Yahoo! Finance]Yahoo! Finance
- After Google, largest U.S. crypto exchange warns of quantum threat [Yahoo! Finance]Yahoo! Finance
- New York sues Coinbase and Gemini, seeking to halt unlicensed prediction market businesses [Yahoo! Finance Canada]Yahoo! Finance Canada
- New York sues Coinbase and Gemini, seeking to halt unlicensed prediction market businesses [Yahoo! Finance]Yahoo! Finance
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