Polymarket Seeks CFTC Approval to Reopen US Access

Polymarket is reportedly seeking Commodity Futures Trading Commission approval to relaunch its main prediction market for US-based users. According to sources, the company has been in discussions with CFTC officials to lift the ban on US traders, which was imposed after a 2022 settlement. The CFTC had previously cleared a separate US-only Polymarket platform in November. Prediction markets, which allow users to trade contracts tied to future events, have faced scrutiny from states claiming they operate as unlicensed gambling operations. The CFTC would need to vote to remove the US block, a process potentially simplified by the current vacancy of four commission seats. Chairman Michael Selig has previously argued that states lack the authority to regulate prediction markets, which fall under the CFTC's jurisdiction. The development comes after 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.