New York City Council Survey predicts regulatory pressure on platforms such as Polymarket

On 12 August, according to American media reports, the New York City Congress is investigating advertising on four major forecast market platforms, opening a new battleground for legal controversy in this fast-growing industry. Julie Menin, President of the New York City Parliament, sent a letter of inquiry with a large number of questions to Polymarket, Kalshi, Coinbase Global Inc. and Titan, the Gemini Space State forecasting market platform, as part of a so-called legislative inquiry to examine whether existing urban laws were sufficient to protect residents from the false or fraudulent marketing of these new platforms. The Municipal Council is also working on the development of policies to deal with products that could lead to “coercive investment in incident contracts”. In a letter to Polymarket, the New York City Council stated: “The City Council is investigating allegations concerning Polymarket and, more importantly, the extent to which similar marketing practices are prevalent in the wider forecast market industry and the associated social harm to New York City residents.” Kim Xian