NYC Council probes 4 prediction markets, Julie Menin seeks answers
The New York City Council is investigating four prediction market platforms, Polymarket, Kalshi, Coinbase, and Gemini Titan, over claims of misleading marketing and possibly targeting minors.
On August 11, 2026, Speaker Julie Menin sent letters asking these companies how they're keeping up with consumer protection laws.
Polymarket alleged fake trades, Kalshi sued
Polymarket is under fire for videos that allegedly show fake trades and hint at insider trading, which Menin says could attract younger users.
Meanwhile, Kalshi is being sued by New York Attorney General for running what she calls an illegal gambling app, even though federal regulators say it's allowed.
NYC Council asks 60+ questions
The investigation includes more than 60 questions about revenue, city residents, and marketing tactics.
The council might hold public hearings or introduce new laws based on what they find.
The companies have two weeks to respond.