The U.S. Justice Department and the Commodity Futures Trading Commission have concluded their investigations into the cryptocurrency betting platform Polymarket.
The investigations were focused on whether Polymarket allowed US customers to place bets by bypassing safeguards after a 2022 CFTC deal. They accelerated the process following a high-profile FBI raid of CEO Shayne Coplan's New York apartment following the November elections.
With the investigations completed, Polymarket is considering re-entering the US market. To function lawfully, the company may apply for official CFTC registration as a futures exchange or buy a registered entity. This action comes as Congress prepares to enact its first significant digital asset regulation legislation.
Polymarket has acquired new funding headed by Founders Fund. They also announced a collaboration with Elon Musk's X and xAI to add event forecasting to the social media platform. The regulatory clearance represents a new chapter in the platform's history, paving the way for expanding US operations.
