Forecasting platform Polymarket has received regulatory approval from the US Commodity Futures Trading Commission to operate a broker-dealer trading platform.
In Tuesday’s notice, Polymarket He said The CFTC issued a revised designation order, which will allow the company to “operate a broker-dealer platform subject to the full set of requirements applicable to federally regulated U.S. exchanges.” According to Polymarket, the approval will result in the platform onboarding brokers and clients directly and facilitating trading in US venues.
“This approval allows us to operate in a way that reflects the maturity and transparency required by the US regulatory framework,” said Shane Coplan, founder and CEO of Polymarket.
The regulatory approval came about five months after the Commodity Futures Trading Commission (CFTC) and the US Department of Justice closed an investigation into Polymarket over whether the platform was accepting trades from US-based users. The FBI reportedly raided Coplan’s home as part of the investigation into the prediction platform, and confiscated his electronic devices.
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The prediction platform is subject to oversight and regulation from the Commodity Futures Trading Commission (CFTC) while operating in the United States. A market structure bill moving through Congress could also expand the CFTC’s authority over digital assets.
CFTC leadership is in a state of flux
The CFTC notice under Acting Chairman Carolyn Pham came as the US Senate is expected to soon vote on the nomination of SEC official Michael Selig as the next head of the CFTC. Lawmakers on the Senate Agriculture Committee voted along party lines in favor of Selig’s nomination.
Even if Selig is confirmed, the CFTC would still have four empty commissioner seats. As of Tuesday, US President Donald Trump had not announced any potential replacements to lead the regulator.
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