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New York sues Coinbase and Gemini, seeking over $3 billion in damages for prediction market
The New York State alleges that these two crypto exchanges violate state gambling laws by operating prediction markets, allowing users aged 18 and older to bet on the outcomes of sports, entertainment, and political events, while the legal gambling age in New York is 21.
The state demands Coinbase pay at least $2.2 billion and Gemini at least $1.2 billion. Coinbase counters that prediction markets fall under federal jurisdiction managed by the CFTC, not state law. New York stands out more than previous states that sued because the state's illegal profit recovery law allows seizing business revenue nationwide, not just within the state. This legal battle is expected to escalate to the U.S. Supreme Court.