New York City Council Probes Prediction Markets Over Alleged Deceptive Ads
On Wednesday, August 12, 2026, the New York City Council announced an investigation into the advertising practices of four prediction market platforms in New York.[1]
The council has sent information requests to Gemini Titan, Kalshi, Polymarket and Coinbase seeking details on their marketing aimed at New Yorkers.[1]
A June Wall Street Journal report said Polymarket paid influencers to post misleading videos about their trading earnings.[1] New York Attorney General Letitia James has sued Coinbase, Gemini Titan and Kalshi, accusing them of operating illegal gambling platforms.[1] The Commodity Futures Trading Commission is also litigating to assert federal exclusivity over prediction market regulation.[1]
The council action follows those legal and media developments and could increase municipal scrutiny as regulators and courts sort out who governs prediction markets.[1]
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📌 Key Facts
- On Wednesday, August 12, 2026, the New York City Council announced an investigation into four prediction market platforms' advertising practices.
- The probe targets Gemini Titan, Kalshi, Polymarket and Coinbase and includes information requests on their marketing in New York.
- The investigation follows a June Wall Street Journal report that Polymarket paid influencers to post misleading videos about their trading earnings.
- New York Attorney General Letitia James has sued Coinbase, Gemini Titan and Kalshi for allegedly running illegal gambling operations, while the CFTC is litigating to assert federal exclusivity over prediction market regulation.
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