NY Suit Adds to Prediction Market Legal ‘Mess:' New York Brief

The shifting landscape for prediction markets, Sullivan & Cromwell’s hallucination, and Harvey Weinstein’s defense strategy, below:

NY Suit Adds to Prediction Market ‘Mess’

Photographer: Christian Monterrosa/Bloomberg

New York opened a new front in its tussle with prediction markets, alleging Coinbase and Gemini are skirting state gambling laws, Raga Justin reports.

The companies have sought to avoid state gambling licensing requirements by offering wagering on event contracts, Attorney General Letitia James said in a pair of lawsuits in Manhattan state court. The companies have elided their obligations to pay the taxes levied on licensed casinos and gambling platforms, James said.

The suit comes amid ...