TNB Tech Minute: New York City Launches Prediction Markets Investigatio

The New York City Council has launched an investigation into four prediction market and cryptocurrency companies, alleging deceptive marketing practices and potential targeting of minors, while two European AI and energy startups have closed massive funding rounds that more than double their previous valuations.

New York City Targets Prediction Markets and Crypto Firms

The New York City Council is investigating Polymarket, Calci, Coinbase, and Gemini Titan for what it describes as "deceptive marketing practices and targeting minors." In letters sent to the companies, the City Council speaker requested detailed information on how much revenue they generate in New York, how many users are city residents, and how their marketing operations function. The speaker specifically asked Polymarket for details about promotional videos that "appeared to depict fake trades."

The companies have responded differently. A Coinbase spokeswoman said the company "fully complies with applicable laws." Both Polymarket and Calci said they "look forward to engaging with the city council." Gemini Titan did not respond to a request for comment. Polymarket has a data partnership with Dow Jones, the publisher of the Wall Street Journal.

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