New York Sues Crypto Exchanges

The lawsuit seeks to bar the companies from operating their prediction markets in New York until they obtain the necessary regulatory licenses.

James argued that the definition of gambling under state law clearly encompasses these platforms, which have surged in popularity during the ongoing Middle East conflict.

This legal action follows a similar crackdown in other states as regulators struggle to establish oversight of the rapidly expanding crypto sector.

Both Coinbase and Gemini have yet to officially respond to the allegations, which could have significant implications for the future of decentralized finance in the United States.