Polymarket Talks With US Regulators to Return to Market
Tech Polymarket Talks With US Regulators to Return to MarketPolymarket discussed lifting its US ban with CFTC officials in recent weeks.Polymarket settled with CFTC in 2022, paying $1.4 million for offering unlicensed contracts.Talks involve merging the main exchange blockchain technology with the US-regulated platform. Polymarket, the worlds largest prediction market platform, is in active discussions with the Commodity Futures Trading Commission (CFTC) about lifting a self-imposed ban that has kept American traders off its main international exchange since 2022. The conversations have taken place over recent weeks and, if successful, would represent the most significant expansion of regulated prediction market access in the United States to date. However, the CFTC itself is operating in unusual circumstances. The agency can have up to five commissioners, but currently has only one, chair Michael Selig, raising questions about the concentration of decision-making power at a moment when prediction market regulation is particularly active. Bloomberg reported the talks, citing people familiar with the discussions who were not authorized to speak publicly. How It Got Here Polymarkets history with US regulators is complicated. In 2022, the CFTC took enforcement action against the platform for allegedly offering unlicensed binary options contracts. Polymarket settled, paid a $1.4 million fine, shut down its non-compliant