New York Attorney General Letitia James sued Coinbase and Gemini and is seeking at least $2.2 billion from Coinbase and at least $1.2 billion from Gemini. The lawsuits allege the exchanges offered disguised gambling through prediction market products tied to events such as sports and elections. Prosecutors also challenged the platforms for allowing users aged 18 to 21 even though New York sets the minimum age for sports betting at 21. Coinbase said prediction markets are regulated by the Commodity Futures Trading Commission, implying federal jurisdiction.