New York City Council investigates forecast marketing in Kalshi, Polymucket and Coinbase

The New York City Congress has investigated Kalshi, Polymarket, Coinbase and Gemini Titan for false and potentially predatory marketing. Parliamentary spokesman Julie Menin stated that these platforms could harm young consumers by encouraging them to invest in events such as sports, politics, etc. The four companies have been requested by Parliament to provide information on marketing practices in New York and the investigation may be extended to other forecast market operators. Polymarket has received attention in connection with the Wall Street Journal investigation, which accused him of paying on-line creators to promote the transaction and of posing greater returns. The survey did not determine the legality of forecast market contracts, but focused on advertising and promotion practices. Coinbase stated that it provided a forecast market regulated by CFTC and complied with the law. Kalshi and Gemini Titan have not yet responded to the request for comments. The investigation coincided with the prediction of a broader regulatory power struggle in the market, and Attorney General Letitia James of New York had filed lawsuits against Corinbase and others for operating illegal gambling operations。