NYC Council Probes Marketing Tactics of Prediction Markets
New York City’s Council is examining the marketing practices of prediction market platforms, focusing on Kalshi, Polymarket, Gemini Titan, and Coinbase, amid allegations of potentially deceptive advertising. The probe, announced by Council Speaker Julie Menin’s office, aims to determine if tighter rules are needed and will include a forthcoming hearing, though it is not focused on whether the platforms violate state gambling laws. The inquiry follows reporting by The Wall Street Journal about Polymarket’s marketing, which spurred a CFTC investigation; Polymarket has since updated its guidelines, while state litigation in New York targets Kalshi, Coinbase, and Gemini for alleged illegal gambling operations. Coinbase says its markets are federally regulated, and Kalshi and Gemini have not immediately commented.