Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO

Following legal setbacks that limited access for American investors back in 2022, the Commodity Futures Trading Commission (CFTC) officially approved Polymarket’s launch as a crypto-based prediction market in the United States. Polymarket To Enter US Market Shayne Coplan, Polymarket’s CEO, shared the news on X (formerly Twitter), stating that the prediction platform has been given the green light to launch in the US. He credited the regulatory agency and its staff for accomplishing the process in “record time.” The CFTC’s decision comes alongside a no-action position taken by its Division of Market Oversight and the Division of Clearing and Risk. This position responds to a request from QCX LLC, a designated contract market, and QC Clearing LLC, a derivatives clearing organization. The CFTC indicated that it will not pursue enforcement actions against either entity or their participants for failing to adhere to certain swap-related recordkeeping requirements or for not reporting data associated with binary option transactions and variable payout contracts executed under QCX LLC’s rules. Regulatory Concerns Remain For Coplan Despite this progress, concerns remain regarding Polymarket’s engagement with US users. Last November, FBI agents conducted a raid on Coplan’s Manhattan penthouse during a politically charged period around the presidential election—a time when Polymarket users were actively placing bets on potential outcomes. In addition, last week, before the CFTC’s announcement, 1789 Capital, a venture capital fund that recently welcomed Donald Trump Jr. as a partner, made a significant investment in Polymarket. These developments highlight the new regulatory dawn in the US for digital assets and firms like Polymarket under President Donald Trump’s administration, characterized by its support toward the crypto sector, including the passage of key bills for new regulatory frameworks. Featured image from DALL-E, chart from TradingView.com