Shayne Coplan, founder and CEO of decentralized prediction platform Polymarket, said Wednesday that the Commodity Futures Trading Commission has approved the platform’s operation in the U.S.
Polymarket Cleared For US Comeback
Coplan confirmed the development in an X post, praising the agency for their “impressive” work and mentioning that the process was completed in “record” time.
The CFTC said it took a “no-action position” on swap data reporting and recordkeeping regulations for event contracts in response to a request from QCEX, a licensed derivatives exchange that Polymarket acquired in July.
The Division of Market Oversight and the Division of Clearing and Risk recommended that the agency not initiate an enforcement action against the entity.
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A pop-up on Polymarket’s website indicated that the platform is preparing for a U.S. launch and will be available to traders soon.
Polymarket’s Topsy-Turvy Journey
This approval marked a significant milestone for Polymarket, which has been working towards re-entering the U.S. market. In July, Coplan announced that Polymarket had acquired the holding company of QCEX, a licensed derivatives exchange and clearinghouse, for $112 million.
The clearance marked a major turnaround from November of last year, when the FBI raided Coplan's home as part of a Justice Department investigation into allegations that the Polygon (CRYPTO: POL-based prediction platform allowed U.S.-based users to place bets in violation of regulatory agreements.
Polymarket rose to prominence during last year's election season, with over $3 billion wagered on the outcome of the presidential race between Trump and Kamala Harris. The platform accurately predicted Trump's victory, but concerns about foreign influence and market manipulation dominated headlines.
Notably, Donald Trump Jr.‘s venture capital fund, 1789 Capital, made a multi-million-dollar investment in Polymarket. Trump Jr. will also join the company as a strategic advisor.
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