00:00It's Benzinga, bringing Wall Street to Main Street.
00:02New York Attorney General Letitia James sued Coinbase Financial Markets and Gemini Titan
00:08in Manhattan State Court, alleging their prediction markets violate state laws against
00:12illegal gambling, according to Reuters. James said the companies failed to obtain New York
00:18State Gaming Commission licenses and described their event contracts as gambling because
00:22outcomes are outside bettors' control. She also challenged access for users aged 18 to 20 under
00:28a state minimum age of 21 for mobile sports betting. James seeks to recoup illegal profits,
00:34triple civil fines, restitution, a ban on under-21 wagers, and limits on campus marketing.
00:41Coinbase said it will continue pushing for federal oversight of prediction markets,
00:46while Gemini did not comment. For all things money, visit Benzinga.com.
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