""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 gambling operations, exposing young people to addictive platforms that lack the necessary guardrails.""
"The CFTC claimed that it should be the sole regulator for prediction markets and called the efforts by Arizona, Connecticut and Illinois an overreach of authority."
New York has taken legal action against Coinbase Financial Markets and Gemini Titan for allegedly running unlicensed gambling operations through prediction markets. Attorney General Letitia James asserts that these markets violate state laws, particularly those concerning betting on New York college sports. She emphasizes that these platforms are akin to illegal gambling, lacking necessary regulations to protect young people. Additionally, the US Commodity Futures Trading Commission has intervened, suing states that have challenged the legality of prediction markets, claiming federal authority over their regulation.
Read at Engadget
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