NY AG accuses Coinbase, Gemini of operating unlicensed crypto prediction markets; Coinbase shares drop
New York Attorney General Letitia James filed lawsuits in Manhattan state court against the prediction-market arms of Coinbase and Gemini, alleging the platforms operate illegal gambling and did not obtain licenses from the New York State Gaming Commission [1] [2] [3].
Coinbase moved to transfer the case to federal court, and the company’s stock fell about 7.8% from its intraday high after the New York suit was announced [2] [4].
The lawsuits focus on licensing and gambling-law violations for crypto prediction markets; legal proceedings are ongoing and market reaction was immediate for Coinbase [1] [2] [4].
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Citations
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- 1New York Sues Coinbase and Gemini Over Prediction MarketsCryptoPotato• Apr 22, 2026
- 2New York Attorney General sues Coinbase, Gemini over prediction marketscrypto.news• Apr 22, 2026
- 3New York State Sues Coinbase and Gemini: What It Meanscoincu• Apr 22, 2026
- 4COIN Stock Forecast as New York Sues Crypto Exchange CoinbaseCoinpaper• Apr 22, 2026
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