The city is probing prediction markets, claiming that they could encourage minors to gamble
New York City Council is investigating Polymarket, Kalshi, and other predictive market platforms for “deceptive and predatory” marketing practices, accusing the industry of encouraging gambling and insider trading.
Council Speaker Julie Menin notified Kalshi, Polymarket, Coinbase, and Gemini Titan of the investigation on Tuesday. In a letter to Polymarket seen by Bloomberg, Menin referenced “troubling” news reports suggesting that the company and its competitors “target young adults – and thus potentially minors – with false, deceptive, and unconscionable advertising.”
According to the reports, Polymarket allegedly paid influencers to promote its platform without disclosure, produced videos showing...
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