TechFlow News, April 22: According to a Cointelegraph report, Coinbase Chief Legal Officer Paul Grewal stated that the company has removed the lawsuit filed against it by New York Attorney General Letitia James—regarding its prediction markets business—from state court to federal court, citing significant federal legal questions concerning the regulation of event contracts. The lawsuit also involves Gemini Titan. New York alleges that the relevant prediction market products violate state gambling laws and seeks penalties, disgorgement of alleged illicit profits, user compensation, and an injunction requiring Coinbase to cease offering such products in New York without complying with state law.
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