{"id":5203,"date":"2026-08-12T18:10:43","date_gmt":"2026-08-12T18:10:43","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5203"},"modified":"2026-08-12T18:10:43","modified_gmt":"2026-08-12T18:10:43","slug":"new-york-city-probes-kalshi-and-polymarket-over-social-harms","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5203","title":{"rendered":"New York City probes Kalshi and Polymarket over social harms"},"content":{"rendered":"
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New York City Council Speaker Julie Menin sent a lengthy list of questions to Polymarket, Kalshi, Coinbase Global Inc. and Gemini Space Station Inc.\u2019s prediction market platform, Titan, as part of a so-called legislative inquiry examining whether current city laws adequately protect residents from false or deceptive marketing from the new platforms.\u00a0<\/p>\n

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The council is also looking at creating policies to address products offered to people who might \u201cengage in compulsive wagering on event contracts.\u201d<\/p>\n

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\u201cThe Council is investigating allegations involving Polymarket and, critically, the extent to which similar marketing practices are prevalent within the prediction market industry more broadly, and related social harms to City residents,\u201d the letter to Polymarket said.\u00a0<\/p>\n

\u201cWe look forward to engaging with The New York City Council on this matter,\u201d a spokesperson for Polymarket said.\u00a0<\/p>\n

The other firms didn\u2019t immediately respond to requests for comment.\u00a0<\/p>\n

The inquiries come as prediction markets have grown into a multi-billion dollar industry by offering financial contracts tied to everything from celebrity news to when the Strait of Hormuz will reopen.\u00a0Wagers on sports\u00a0dominate prediction market trades and stand at the\u00a0center of a wide-ranging fight\u00a0over how to regulate the industry.<\/p>\n

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The platforms and the Commodity Futures Trading Commission, the federal regulator that oversees derivatives trading, have argued that event contracts are financial instruments that are fundamentally different from gambling and should fall under federal oversight. States,\u00a0including New York, have disputed that idea and sued the firms, alleging the platforms amount to illegal, unlicensed gambling operations.<\/p>\n

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The CFTC on Tuesday\u00a0ordered\u00a0Kalshi to continue operating in New York despite the state\u2019s effort to shut down its operations.\u00a0<\/p>\n

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The CFTC is conducting its own\u00a0investigation\u00a0of Polymarket, looking at the firm\u2019s social media activity and other issues, Bloomberg has reported. The Wall Street Journal reported in June that the company hired dozens of mostly college-aged social media creators to film themselves making fake profitable trades that were used to attract users to the platform.<\/p>\n

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The New York City Council letter references \u201ctroubling\u201d news reports alleging Polymarket conspired with influencers and marketing agents to \u201ctarget young adults \u2014 and thus potentially minors \u2014 with false, deceptive, and unconscionable advertising.\u201d<\/p>\n

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The platforms are being asked to provide information going back to Jan. 1, 2025 on the number of users in the state, the age and demographics of customers and how much money New York City residents have won or lost. Other questions focus on how the firms advertise to New Yorkers, how much they pay influencers and how effective their marketing has been in capturing younger users.\u00a0<\/p>\n

The firms were given 14 days to respond. The council said it also plans to hold public hearings on the topic.\u00a0<\/p>\n

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The city council gave Kalshi and Polymarket 14 days to disclose New York user data, ages and how much residents have won or lost since last year.<\/p>\n","protected":false},"author":1,"featured_media":5202,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[152],"tags":[],"class_list":["post-5203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york-city"],"yoast_head":"\nNew York City probes Kalshi and Polymarket over social harms - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5203\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York City probes Kalshi and Polymarket over social harms - 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