{"id":205212,"date":"2026-04-21T21:01:07","date_gmt":"2026-04-21T21:01:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/205212\/"},"modified":"2026-04-21T21:01:07","modified_gmt":"2026-04-21T21:01:07","slug":"new-york-sues-coinbase-and-gemini-over-prediction-markets","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/205212\/","title":{"rendered":"New York Sues Coinbase and Gemini Over Prediction Markets"},"content":{"rendered":"

New York sued Coinbase<\/a> and Gemini Titan<\/a> Tuesday (April 21), alleging that the companies\u2019 prediction market platforms are illegal, unlicensed gambling operations.<\/p>\n

The state\u2019s Office of the Attorney General<\/a> (OAG) alleged in a Tuesday press release<\/a> that prediction market platforms fit New York\u2019s legal definition of gambling, that Coinbase and Gemini failed to obtain a license from the New York State Gaming Commission<\/a>, and that the companies\u2019 prediction markets are available to users between the ages of 18 and 20, while New York law says only people at least 21 years old may participate in mobile sports betting.<\/p>\n

The OAG also alleges in the lawsuits that Coinbase and Gemini are violating the state\u2019s laws that forbid betting on games in which New York college teams participate, according to the release.<\/p>\n

In the lawsuits, the OAG seeks court orders requiring the companies to pay fines, forfeit illegal profits and pay restitution to customers, per the release.<\/p>\n

\u201cGambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution,\u201d New York Attorney General Letitia James<\/a> said in the release. \u201cGemini and Coinbase\u2019s so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails.\u201d<\/p>\n

Coinbase Chief Legal Officer Paul Grewal<\/a> responded to the lawsuit in a Tuesday post<\/a> on X, saying: \u201cAbout the NY lawsuit news \u2014 prediction markets are federally regulated national exchanges, registered with the CFTC [Commodity Futures Trading Commission<\/a>]. This issue is proceeding in New York federal court as we speak. Coinbase will continue to fight for the federal oversight of these markets that Congress intended.\u201d<\/p>\n

Advertisement: Scroll to Continue<\/p>\n

Gemini did not immediately reply to PYMNTS\u2019 request for comment.<\/p>\n

Gemini Titan, an affiliate of Gemini Space Station, made its prediction market<\/a> platform available to customers in the United States in December 2025. The U.S. launch of the Gemini Predictions platform came a week after the company received a Designated Contract Market (DCM) license from the CFTC.<\/p>\n

Coinbase filed lawsuits in Connecticut, Michigan and Illinois in December 2025, challenging each state\u2019s efforts to control or block prediction markets<\/a>.<\/p>\n

The CFTC filed lawsuits against Arizona, Connecticut and Illinois on April 2, saying the states have taken actions that intrude on the regulator\u2019s exclusive jurisdiction to regulate prediction markets<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"New York sued Coinbase and Gemini Titan Tuesday (April 21), alleging that the companies\u2019 prediction market platforms are…\n","protected":false},"author":2,"featured_media":205213,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[63702,10429,81291,2850,9,11,10,12,17757,31826,31827],"class_list":{"0":"post-205212","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-coinbase","9":"tag-gambling","10":"tag-gemini-titan","11":"tag-lawsuits","12":"tag-new-york","13":"tag-new-york-headlines","14":"tag-new-york-news","15":"tag-news","16":"tag-prediction-markets","17":"tag-pymnts-news","18":"tag-whats-hot"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/205212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=205212"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/205212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/205213"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=205212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=205212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=205212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}