Episode Details

New York Cracks Down on Crypto Prediction Markets: Coinbase, Gemini Sued for Illegal Gambling

New York Attorney General Letitia James filed a lawsuit against Coinbase and Gemini, accusing their prediction market platforms of being illegal gambling. The state demands they shut down until they obtain licenses from the Gaming Commission. The platforms, which started as crypto exchanges, now allow users to bet on various events, including soccer matches and Fed chair picks. The suit highlights risks such as underage gambling and tax evasion. Similar legal battles are ongoing in other states, with federal oversight and state rules at odds.

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