Lates News

According to reports from American media, the New York City Council is investigating the advertising practices of four major prediction market platforms, opening a new battleground for the legal controversies faced by this rapidly developing industry. City Council Speaker Julie Menin has sent a letter of inquiry containing numerous questions to Polymarket, Kalshi, Coinbase Global Inc., and the prediction market platform Titan under Gemini Space Station, as part of a so-called legislative investigation aimed at examining whether existing city laws are sufficient to protect residents from false or deceptive marketing by these emerging platforms. The City Council is also studying the formulation of relevant policies to address products that may lead users to "place compulsive bets on event contracts." In a letter to Polymarket, the City Council stated, "The City Council is investigating allegations related to Polymarket and, more importantly, is examining the prevalence of similar marketing practices in the wider prediction market industry and the related social harms caused to New York City residents."