BlockBeats News, August 12, the New York City Council is investigating the advertising practices of Polymarket, Kalshi, Coinbase, and Gemini's prediction market platform Titan, bringing new regulatory pressure to the prediction market industry.

New York City Council Speaker Julie Menin has sent inquiries to the four platforms as part of a legislative investigation to assess whether existing city laws adequately protect residents from false or deceptive marketing.

Furthermore, the New York City Council is also exploring relevant policies to address issues such as the potential inducement of users to engage in "coercive gambling" on event contracts. In a letter to Polymarket, the Council stated that the investigation will not only involve allegations against Polymarket but will also assess the prevalence of similar marketing practices in the entire prediction market industry and the potential social harm they may cause.