Polymarket Seeks CFTC Approval to Reopen to US Traders

Polymarket is reportedly seeking Commodity Futures Trading Commission approval to relaunch its main prediction market for US users. According to sources, the company has been in talks with CFTC officials to lift its US trader ban, which was imposed following a 2022 settlement. The CFTC had previously cleared a separate US-only platform for Polymarket, but it has yet to launch. Prediction markets, which allow users to trade contracts tied to future events like elections and sports, have faced scrutiny from states claiming they operate as unlicensed gambling platforms. The CFTC would need to vote to remove the US block, a process potentially simplified by the current vacancies on the commission. This development comes after a recent incident where a soldier allegedly used 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.