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New York City Council Investigates Regulatory Pressure on Prediction Markets like Polymarket

On August 12, news reports indicated that the New York City Council is investigating the advertising practices of four major prediction market platforms, opening a new battleground for the legal controversies facing this rapidly evolving industry. City Council Speaker Julie Menin sent a letter 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 inquiry 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 exploring the development of related policies to address products that may lead users to engage in 'compulsive betting on event contracts.' In its letter to Polymarket, the City Council stated: 'The Council is investigating the allegations involving Polymarket and, more importantly, is examining the prevalence of similar marketing practices within the broader prediction market industry and the associated social harms to residents of New York City.' (Jinshi)

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