Another Bullish Approval for the Cryptocurrency Market from the US

Cryptocurrency-based prediction markets platform Polymarket has received official approval to launch in the US.

The platform’s CEO, Shane Coplan, announced in a statement that Polymarket could reopen in the country following a “no-action” letter from the US Commodity Futures Trading Commission (CFTC).

The letter, published by the CFTC’s Division of Market Surveillance and Division of Collateral Risk, grants exemptions from swap data reporting and recordkeeping obligations.

The decision was made following an application for the futures market QCX and the derivatives clearing agency QC Clearing. This action is considered consistent with exemption decisions previously granted to similar institutions.

Polymarket announced plans to return to the US earlier this summer following the conclusion of a federal investigation into it. The company acquired derivatives exchange QCEX in July, paving the way for its re-entry into the market.

CEO Coplan shared the following on his X account: “Polymarket has received the green light from the CFTC to operate in the US. Thanks to the Commission and the team for completing the process at record speed. More to come soon.”

Recent notable developments include Donald Trump Jr.’s investment in Polymarket and joining its advisory board, while Elon Musk’s announcement that the X platform had “joined forces” with Polymarket in June also stood out.

The number of new markets opened on Polymarket in July exceeded 11,500, a 44% month-over-month increase, but this figure remains well below January’s peak levels.

*This is not investment advice.