Coinbase moves NY prediction market lawsuit to federal court

Coinbase has moved a lawsuit filed by New York Attorney General Letitia James regarding its prediction market from state to federal court, Cointelegraph reported. Coinbase Chief Legal Officer Paul Grewal argued on X today that the case involves core issues of federal law, which preempts state law. The move follows a lawsuit filed yesterday by James against Coinbase Financial Markets and Gemini Titan. The suit alleges that the companies' prediction market products violated New York gambling laws by offering betting services on sports, entertainment, and elections without a state gaming license.