Prediction Market Platform Polymarket Seeks to Open to U.S. Users
Sources reveal that Polymarket is taking steps to bring its main trading platform back to the U.S., potentially boosting a rapidly growing industry by giving American users access. Polymarket has technically prohibited U.S. users from trading on its international platform since a regulatory clash in 2022, while its U.S.-based alternative platform has yet to fully launch.
However, some sources say the company has been in discussions with officials at the U.S. Commodity Futures Trading Commission (CFTC) in recent weeks about lifting the restrictions on U.S. customers.
Polymarket Chief Executive Officer Shayne Coplan
It is currently unclear whether the CFTC will approve the request. Lifting the ban would require a formal vote by the commission, a process made easier by the fact that four commissioner seats are currently vacant, leaving Chairman Michael Selig with the power to act alone.
As a leading prediction market platform, Polymarket faced a series of challenges in the U.S. after settling with the CFTC in 2022, forcing it to move its trading platform overseas. This has caused the company to fall behind competitor Kalshi, after the industry enjoyed support from the Trump administration.
The Trump family has also entered the arena, with Donald Trump Jr. serving as an advisor to both Polymarket and Kalshi. He has also invested in Polymarket through his venture capital fund 1789 Capital, where he is a partner. Meanwhile, Trump’s social media company Trump Media & Technology Group Corp. is also planning to launch its own prediction market platform.