Polymarket Seeks CFTC Approval to Reopen Platform to US Traders

Polymarket is reportedly seeking Commodity Futures Trading Commission (CFTC) approval to relaunch its main prediction market for US users. According to sources, the company has been in discussions with CFTC officials to lift the ban on US-based traders, which was imposed following a 2022 settlement. The CFTC had previously cleared a separate US-only Polymarket platform, but it has yet to be fully launched. Prediction markets, which allow users to trade contracts tied to future events, have faced increasing scrutiny from states that argue they operate as unlicensed gambling operations. The CFTC would need to vote to remove the US block, a process that may be simplified due to the current vacant commission seats. This development comes after a recent incident where a soldier was accused of using a VPN to access Polymarket's international exchange and make over $400,000 from trades based on classified information. Polymarket has declined to comment on the matter.