April 22 (UPI) -- New York Attorney General Letitia James has filed lawsuits against cryptocurrency companies Coinbase and Gemini for violating state gambling laws.
The lawsuit, filed Tuesday, targets the companies' prediction markets. James said prediction markets fit the state's legal definition of gambling.
"Gambling by another name is still gambling and it is not exempt from regulation under our state laws and Constitution," James said in a statement. "Gemini and Coinbase's so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails."
James seeks for the companies to forfeit "illegal profits" they made from their prediction markets.
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