[New York City Council Investigates Prediction Market Platforms for Alleged False Advertising] According to The Block, the New York City Council has sent letters to Kalshi, Polymarket, Coinbase, and Gemini Titan, initiating an investigation into prediction market platforms, with a focus on “false, deceptive, or abusive marketing practices” targeting young users. The council will review allegations that Polymarket paid social media creators to film promotional videos featuring “fake bets and fake winnings” on imitation sites outside the platform. Previously, multiple state officials have raised concerns about whether sports-related contracts constitute illegal gambling. New York Governor Kathy Hochul has also signed an executive order prohibiting state employees from using insider information to place bets on prediction markets.