New York City Council investigating prediction markets' marketing practices

The New York City Council announced an investigation on Wednesday into four prediction and cryptocurrency market platforms regarding alleged predatory marketing practices directed at young people. Council Speaker Julie Menin issued inquiry letters on Monday to Polymarket, Kalshi, Coinbase, and Gemini Titan.

The municipal investigation seeks to gather further information concerning how these platforms market their services to youth demographics. The inquiry highlights growing regulatory scrutiny over the promotional strategies employed by digital trading and prediction platforms operating within the financial technology sector.