{"id":2584,"date":"2026-04-22T16:44:13","date_gmt":"2026-04-22T16:44:13","guid":{"rendered":"https:\/\/blog.coinsignals.net\/?p=2584"},"modified":"2026-04-22T16:44:13","modified_gmt":"2026-04-22T16:44:13","slug":"new-york-takes-legal-action-against-coinbase-and-gemini-over-prediction-markets","status":"publish","type":"post","link":"https:\/\/blog.coinsignals.net\/index.php\/2026\/04\/22\/new-york-takes-legal-action-against-coinbase-and-gemini-over-prediction-markets\/","title":{"rendered":"New York Takes Legal Action Against Coinbase and Gemini Over Prediction Markets"},"content":{"rendered":"\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"588\" height=\"393\" data-id=\"2585\" src=\"https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/04\/IMG_2172.jpeg\" alt=\"\" class=\"wp-image-2585\" srcset=\"https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/04\/IMG_2172.jpeg 588w, https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/04\/IMG_2172-300x201.jpeg 300w\" sizes=\"auto, (max-width: 588px) 100vw, 588px\" \/><\/figure>\n<\/figure>\n\n\n\n<p>New York Attorney General Letitia James has filed a lawsuit targeting the prediction market operations linked to Coinbase and Gemini. The case alleges that these platforms are violating state laws related to illegal gambling.<\/p>\n\n\n\n<p>Court filings submitted in Manhattan state court claim that both companies failed to secure the necessary licenses from the New York State Gaming Commission, which are required to legally operate such markets.<\/p>\n\n\n\n<p>The Attorney General argues that the event based contracts offered on these platforms effectively function as gambling. According to the complaint, users are placing bets on outcomes that are beyond their control or are largely based on chance, making them comparable to traditional gambling activities.<\/p>\n\n\n\n<p>James emphasized that simply labeling these activities differently does not change their nature, stating that gambling remains subject to regulation under state laws and the constitution.<\/p>\n\n\n\n<p>In response, Paul Grewal said that Coinbase plans to continue advocating for federal oversight of prediction markets, which the company believes aligns with congressional intent.<\/p>\n\n\n\n<p>This legal action comes as prediction markets gain significant traction. Platforms like Polymarket are reportedly seeking to raise 400 million dollars at a valuation of 15 billion dollars, reflecting strong investor interest and ongoing expansion. Meanwhile, Kalshi, a key competitor, recently secured 1 billion dollars in funding at a valuation of 22 billion dollars, underscoring the rapid growth of the sector.#crypto#cryptonews <a href=\"https:\/\/coinsignals.net\">https:\/\/coinsignals.net<\/a> <a href=\"https:\/\/t.me\/coinsignalpublic\">https:\/\/t.me\/coinsignalpublic<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York Attorney General Letitia James has filed a lawsuit targeting the prediction market operations linked to Coinbase and Gemini. The case alleges that these platforms&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2584","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/2584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/comments?post=2584"}],"version-history":[{"count":1,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/2584\/revisions"}],"predecessor-version":[{"id":2586,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/2584\/revisions\/2586"}],"wp:attachment":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/media?parent=2584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/categories?post=2584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/tags?post=2584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}