"Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution, James said in a statement on the suits, filed in Manhattan Supreme Court."
"James argued they're also violating state laws that bar betting on college sports games and prohibit people under 21 from gambling, since their platforms are open to anyone over 18."
"Coinbase Chief Legal Officer Paul Grewal told amNewYork Law that prediction markets are federally regulated national exchanges and the company believes they should be subject to federal, not state, oversight."
"This issue is proceeding in New York federal court as we speak."
New York Attorney General Letitia James has initiated legal action against Coinbase and Gemini Titan, claiming they operate illegal gambling schemes under state law. The platforms allow users to wager on various events, which James argues violates multiple laws prohibiting unlicensed gambling. She emphasized that these prediction markets expose young people to addictive gambling without proper regulations. Coinbase's Chief Legal Officer contends that these markets should be federally regulated, not state-regulated, and the issue is currently being addressed in federal court.
Read at www.amny.com
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