Coinbase and Gemini Accused of Illegal Gambling in N.Y. Lawsuits
The New York Times • • business
Key Points:
- New York Attorney General Letitia James filed lawsuits against cryptocurrency firms Coinbase and Gemini Titan, accusing them of illegally operating gambling activities through prediction markets in the state.
- The lawsuits claim neither company was licensed by the New York State Gaming Commission and that they allowed underage users, below 21, to participate in these betting platforms.
- James emphasized that these prediction markets constitute illegal gambling and pose risks to young people due to a lack of proper safeguards.
- Coinbase's chief legal officer, Paul Grewal, responded by stating that prediction markets are federally regulated and that the company will advocate for federal oversight as intended by Congress.
