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NYC Council Launches Probe Into Polymarket, Kalshi, Coinbase, Gemini

8/14/2026

Summary

Story summary

New York City Council opened an investigation of Polymarket, Kalshi, Coinbase and Gemini Titan.
Speaker Julie Menin mailed letters demanding the firms disclose earnings, user counts and consumer-protection compliance.
A June Street Journal report said 70% of Polymarket videos used dummy sites with fake trades targeting minors.
Attorney General Letitia James sued Kalshi for gambling, seeking $36 billion in damages, while the firms claim Commodity Futures Trading Commission is their regulator.

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Story summary

New York City Council opened an investigation of Polymarket, Kalshi, Coinbase and Gemini Titan.
Speaker Julie Menin mailed letters demanding the firms disclose earnings, user counts and consumer-protection compliance.
A June Street Journal report said 70% of Polymarket videos used dummy sites with fake trades targeting minors.
Attorney General Letitia James sued Kalshi for gambling, seeking $36 billion in damages, while the firms claim Commodity Futures Trading Commission is their regulator.