Polymarket · Gemini · New York · Coinbase · Cointelegraph
NYC council introduces probe into ‘predatory marketing practices’ on prediction markets
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Council Speaker Julie Menin sent letters to four companies offering prediction market services to New Yorkers as part of an investigation into their marketing practices.
Key facts
- Council Speaker Julie Menin sent letters to four companies offering prediction market services to New Yorkers as part of an investigation into their marketing practices
- In a Wednesday notice, the council said Speaker Julie Menin sent letters to Kalshi, Polymarket, Coinbase and Gemini Titan as part of an investigation into what they called “abusive marketing
- Apps like Polymarket are expanding rapidly unchecked,” said Council Member Shekar Krishnan, who chairs the committee on oversight and investigations
- The New York City investigation is the latest action in what many expect to become a legal showdown between US state and federal regulators over prediction market offerings like contracts tied
Summary
The New York City Council launched an investigation into companies offering prediction market services, aiming to examine whether they used “false and deceptive marketing” through influencers to target young adults. In a Wednesday notice, the council said Speaker Julie Menin sent letters to Kalshi, Polymarket, Coinbase and Gemini Titan as part of an investigation into what they called “abusive marketing” through the platforms’ prediction market services. “Apps like Polymarket are expanding rapidly unchecked,” said Council Member Shekar Krishnan, who chairs the committee on oversight and investigations. The New York City investigation is the latest action in what many expect to become a legal showdown between US state and federal regulators over prediction market offerings like contracts tied to sporting events.