New York Attorney General Letitia James has filed suit against Coinbase and Gemini, accusing both companies of running illegal gambling operations through their prediction market platforms. The lawsuit, filed in Manhattan, seeks to bar the exchanges from offering prediction markets in New York until they hold state gaming licenses — and frames the products not as financial instruments but as unregulated wagering. "Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution," James said. "Gemini and Coinbase's so-called prediction markets are just illegal ... (full story)