In short
- Polymarket can now return to the US after the CFTC said that it will not pursue any enforcement actions against QCX, said CEO Shayne Coplan on Wednesday.
- Polymarket acquired QCX, a recognized grant that has already been regulated by the CFTC, for $ 112 million in July.
- Polymarket was banned from the US in 2022 and has been looking for a way back to the American market for some time.
Polymarket has received a green light from the CFTC to resume the activities in the United States, said the CEO of the company on Wednesday after the blockchain-based prediction market was built a fine and offshore was pushed for an alleged failure to meet existing regulations.
The CFTC announced in a rack Today it would not pursue enforcement actions against QCX, a regulated derivatives who exchange polymarket bought In July, exemption from certain requirements for registration and data reports.
The no-action letter has effectively cleaned up polymarket to operate in the United States under the license of QCX, Polymarket CEO Shayne COPLAN said within a few minutes after the announcement.
“Polymarket has received the green light to live through the CFTC in the US,” Coplan said About X. “Credit to the committee and the staff for their impressive work. This process has been achieved in recordtiming.”
Decrypt Provided to ask Coplan to ask how quickly the company is planning to launch the American activities again, but did not immediately receive a response.
Polymarket, which is located in New York, reached a settlement with the CFTC to block American customers in 2022, after the regulator claimed that the company had not registered as a designated contract market.
Although the polymarket site has since remained blacklist on American internet users, the platform has risen in popularity in the past two years by concentrating on American politics and culture.
Polymarket bet For example, about the outcome of the US presidential elections of 2024 collected almost $ 3.7 billion in trade volume, and predicted the victory of President Donald Trump correctly with a healthy margin – in contrast to most polls that had the race as a dead heat.
Since the re -election of Trump, Polymarket has been said to return to the American market, amid strong detached Financial regulations.
The $ 112 million from the company acquisition From QCX was an important part of that strategy. Last week Donald Trump JR joined Polymarket’s Advisory Board and announced An investment in the company, in a deal that was said to have been on hold for months until Polymarket had a clear path to re -enter the American market.
However, it remains unclear how far-reaching the no-action letter of today will be on the activities of Polymarket. The letter has only specified that the supervisor will not initiate enforcement actions against QCX or his Clearinghouse, QC Clearing, for certain reporting and registration disturbances. It has not tackled Polymarket itself, although the company will probably publish certain American markets via QCX.
The CFTC did not respond immediately DecryptThe request for comment on the effect of the no-action letter on polymarket wide.
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