Polymarket Seeks CFTC Approval to Reopen to US Traders

Polymarket is reportedly seeking Commodity Futures Trading Commission (CFTC) approval to relaunch its main prediction market for US users. The company has been in talks with CFTC officials to lift its US trader ban, imposed after a 2022 settlement. If approved, this move would allow Polymarket to compete with Kalshi and bring more event-based trading under CFTC oversight. The CFTC had previously cleared a separate US-only Polymarket platform, which has yet to launch. Prediction markets, where users trade contracts tied to future events, have faced scrutiny from states claiming they operate as unlicensed gambling operations. The CFTC must vote to remove Polymarket's US block, a process potentially simplified by current commission vacancies. This development follows a case where a soldier allegedly used a VPN to access Polymarket's international exchange, making over $400,000 from trades based on classified information. Polymarket has declined to comment on the matter.