analyzing more than 1,100 videos<\/a> made by Polymarket creators, along with instructional materials and interviews with influencers who have worked with the company. The report found that 70% featured dummy sites the company used to film fake trades.<\/p>\nA Polymarket spokesperson said the company looks forward to engaging with the City Council.<\/p>\n
Shayne Coplan, chief CEO of Polymarket, is revamping his marketing department in the face of criticism. Bloomberg via Getty Images<\/p>\n
A Coinbase spokeswoman said the company \u201cfully complies with applicable laws.\u201d <\/p>\n
Kalshi declined to comment, and a Gemini Titan spokesperson didn\u2019t respond to The Post.<\/p>\n
The City Council doesn\u2019t have the power to bring criminal charges, but it can issue subpoenas forcing companies to produce documents.<\/p>\n
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Menin said the body was weighing legislation that could give \u201cincreased enforcement, public education campaigns, health measures, and\/or the raising or redirecting of public funds\u201d in regard to prediction markets, adding that it intends to host public hearings.\u00a0<\/p>\n
Kalshi and other prediction markets argue that their businesses differ from sports gambling because users trade against each other, rather than against the house, a practice that resembles an exchange.\u00a0<\/p>\n
Kalshi CEO Tarek Mansour received a letter from Menin demanding answers just over a week after New York Attorney General Letitia James sued his company, alleging it is illegally operating a gambling app.\u00a0 Bloomberg via Getty Images<\/p>\n
Meanwhile the Commodity Futures Trading Commission, which has maintained it has exclusive authority to regulate prediction markets, is pushing back on James\u2019 suit against Kalshi.<\/p>\n
\u201cThe New York State Attorney General does not set the rules for national derivatives markets,\u201d said CFTC spokeswoman Brooke Nethercott said Tuesday. \u201cThat\u2019s the Congressionally mandated role of the CFTC. As stated in the order, Kalshi is required to operate as normal to maintain market integrity and stability.\u201d<\/p>\n
The CFTC recently told Kalshi \u201cto continue to operate in accordance with the Commodity Exchange Act\u2019s Core Principles\u201d in the face of James\u2019s complaint, a move the CFTC described as part of its emergency authority.<\/p>\n
Kalshi made overtures to New York authorities in July, offering a share of its trade revenue in taxes and volunteering to allow users to exclude themselves from the app, the Journal previously reported.<\/p>\n
For its part, Polymarket has kicked off a reorganization of its marketing team. That includes hiring Travis VanderZanden, founder of the e-scooter company Bird, as head of growth, VanderZanden wrote in a LinkedIn post Tuesday.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"The New York City Council is investigating prediction markets Polymarket, Kalshi, Coinbase and Gemini Titan for alleged deceptive…\n","protected":false},"author":2,"featured_media":319859,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[288,13034,9,24,55,54,56,13672],"class_list":["post-319858","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-business","tag-kalshi","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-polymarket"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/319858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=319858"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/319858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/319859"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=319858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=319858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=319858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}