New York Attorney General sues Coinbase and Gemini over prediction markets

New York Attorney General Letitia James sued Coinbase Financial Markets and Gemini Titan on April 21, 2026, alleging their prediction markets are unlicensed gambling operations. The state says sports, entertainment and election contracts meet New York's legal definition of gambling because outcomes are uncertain and beyond the bettor's control. The suits seek court orders for fines, forfeiture of profits and restitution, with fines set at three times the profits from the alleged activity.

• Filed April 21, 2026 against Coinbase Financial Markets, Inc. and Gemini Titan LLC
• Relief sought: fines, forfeiture of illegal profits, restitution to consumers
• Fines pegged at three times the profits from the alleged activity
• Complaints allege users aged 18 to 20 could bet, although New York requires age 21 for mobile sports betting