New York City Council investigating prediction markets’ marketing practices
Council Speaker Julie Menin said letters to four platforms cite months of alleged deceptive ads and a planned hearing.
- On Wednesday, the New York City Council announced an investigation into marketing practices of four prediction market platforms: Kalshi, Polymarket, Coinbase, and Gemini Titan. Council Speaker Julie Menin sent letters alleging "false, deceptive, unconscionable and objectionable marketing practices."
- This inquiry follows a June Wall Street Journal investigation alleging Polymarket used content creators to simulate trades and create false impressions of profitability. The report found about 70% of promotional videos involved simulated activity rather than actual market trades.
- Council Member Harvey Epstein, chair of the Committee on Consumer and Worker Protection, said the council has "a responsibility to investigate their claims and the advertising tactics these companies are using to ensure they are following the law."
- Regarding the probe, a Polymarket spokesperson stated the company looks "forward to engaging with The New York City Council on this matter," while Coinbase defended its regulatory status, noting it offers customers access to federally regulated prediction markets overseen by the CFTC.
- New York state is separately pursuing litigation against Kalshi, Coinbase, and Gemini, alleging illegal gambling operations. The city council inquiry specifically targets marketing and consumer protection, distinct from state gambling law enforcement efforts.
35 Articles
35 Articles
New York City Turns Up Heat on Prediction Markets With Probe Into Deceptive Ads and Young Users
New York City Council Speaker Julie Menin fired off letters on August 11 to four prediction-market operators. The targets: Polymarket, Kalshi, Coinbase and Gemini Titan. Each received dozens of detailed questions about marketing tactics, user demographics and compliance with local consumer-protection rules. The inquiry lands amid a national tug-of-war over who gets to oversee these fast-growing platforms. Prediction markets let users place real-…
The city of New York is asking for accounts from Polymarket, Kalshi, Coinbase and Gemini, suspected of potentially misleading practices. ...
NYC Council investigates ad tactics for prediction markets Kalshi, Polymarket
The council is raising concerns over what it describes as the “predatory” and “potentially false, deceptive, or abusive” methods of key players in the multibillion-dollar emerging industry. Source link : https://www.washingtonpost.com/business/2026/08/12/nyc-council-investigating-polymarket-kalshi-marketing-tactics-social-harms/ Author : Sammy Westfall Publish date : 2026-08-12 16:15:00 Copyright for syndicated content belongs to the linked Sour…
NYC Council Announces Probe into ‘Predatory Marketing Practices’ on Prediction Markets
The New York City Council sent letters to Kalshi, Polymarket, Coinbase and Gemini Titan as part of an investigation into marketing practices for the platforms’ prediction markets.
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