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AG James Sues Coinbase and Gemini for Illegal Gambling via Prediction Markets

New York Attorney General Letitia James filed lawsuits against Coinbase Financial Markets Inc. and Gemini Titan LLC for operating unlicensed gambling operations through prediction market platforms in New York. The investigation found both companies allow users to bet on sports, entertainment, and elections outcomes, fitting the legal definition of gambling without required licensure from the New York State Gaming Commission. The AG seeks forfeiture of illegal profits, consumer restitution, and fines equal to three times profits.