NYC Council to Prediction Markets: Explain Yourselves
New York City Council is officially side-eyeing Kalshi, Polymarket, Coinbase, and Gemini Titan, launching an investigation into whether their ads are deceptive or predatory, especially toward young people. Speaker Julie Menin cited a WSJ probe that found 70% of Polymarket influencer videos appeared to show fake trades meant to hype betting. With CNN, the Golden Globes, and the AP all cozying up to these platforms for credibility, the Council wants to know if it's time for real consumer protections, not just vibes and viral clips.
Nothing says "legit financial product" like influencers faking bets to get teens hooked.