Coinbase moves New York prediction market lawsuit to federal court

CoinFeed reported on April 22 that, according to Cointelegraph, Coinbase Chief Legal Officer Paul Grewal stated that the company has moved New York Attorney General Letitia James's prediction market lawsuit against Coinbase Financial Markets and Gemini Titan from New York State court to federal court, arguing that the case involves "significantly controversial issues under federal law" and should be subject to "full priority." Previously, the New York Attorney General alleged that the two companies violated New York gambling laws by offering betting contracts on sports, entertainment, and election events to users aged 18 to 20 without obtaining a state gambling license, and sought fines, forfeiture of related proceeds, and a ban on continuing to offer similar products in New York without compliance.