Polymarket Seeks CFTC Approval to Reenter U.S.

Source

JOON HYOUNG LEE

Summary

The global prediction-market platform Polymarket has asked the CFTC to approve lifting restrictions on access for U.S. users as it seeks to reenter the U.S. market.
Whether Polymarket is approved to operate in the U.S. could hinge on Chair Michael Selig, with four commissioner seats currently vacant.
If the CFTC allows a U.S. return, PolymarketUS could see its role adjusted, and the company is discussing a plan to combine the main exchange's operations and blockchain-based technology with the PolymarketUS license.

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Polymarket, the global prediction-market platform, has asked regulators for approval to reenter the U.S. market.

Bloomberg reported on April 29 that Polymarket recently held talks with the Commodity Futures Trading Commission about lifting restrictions that prevent U.S. users from accessing the platform.

Polymarket barred U.S. users after reaching a settlement with the CFTC in 2022. The company later prepared a US-based prediction-market service, PolymarketUS, but it has yet to fully launch.

It remains unclear whether the CFTC will approve Polymarket's return to the US. Removing the restrictions on U.S. users would require a formal CFTC vote. With four commissioner seats currently vacant, Chair Michael Selig's decision could be the key factor.

If the CFTC allows Polymarket to operate in the US, the role of PolymarketUS could also change. Bloomberg said PolymarketUS is still in beta and has low trading volume. The talks with the CFTC also covered a plan to combine the main exchange's operations and blockchain-based technology with the PolymarketUS license.