New York Sues Coinbase and Gemini

The legal battle over prediction markets has intensified as New York seeks to halt the operations of Coinbase and Gemini's wagering platforms.

Attorney General Letitia James argues that these services allow users to gamble on real-world events without a license, violating state tax and consumer protection laws.

The lawsuit follows a surge in popularity for prediction markets, which have become a primary source for political and economic forecasting.

The companies are expected to fight the charges, arguing that their platforms are innovative financial tools rather than traditional gambling.