After the acquisition, Polymarket had to wait a few weeks for the CFTC to issue a no action letter to say that it would not pursue enforcement over alleged violations for “swap data reporting and recordkeeping regulations.” When that letter arrived the first week of September, Polymarket CEO Shayne Coplan said that was the company’s “green light to go live in the USA.”
Polymarket rose to prominence in the lead-up to the 2024 election, when users on the platform correctly predicted the reelection of President Donald Trump. Since then, prediction markets have caught fire, with both Polymarket and its largest competitor, Kalshi, pulling in hundreds of millions in weekly trading volume. More recently, Kalshi has pulled ahead in terms of market share, buoyed by its established presence in the U.S. through its own DCM license.
Now, Polymarket, DCM license in hand, is targeting those same coveted U.S.-based users, through regulated and self-certified markets.
Self-certification is the default way for CFTC-regulated firms to operate. Once a DCM holder submits a form explaining that its new market complies with all relevant law and regulations, the CFTC has one business day to object. If it doesn’t, the market can be listed right away.
But in this case, Polymarket US has explicitly said that the markets will be listed “no earlier than October 2, 2025.” The four filings include certifications for athletic event, athletic spread, and total athletic score contracts and election winner event contracts.
Polymarket did not immediately respond to a request for comment on its relaunch from Decrypt.
But the company’s CEO had plenty to say about the changing regulatory landscape in the U.S. during a D.C. panel on Monday. Coplan appeared on a joint Securities and Exchange Commission and Commodities Futures Trading Commission panel with executives from Cboe Global Markets, Nasdaq, Kalshi, and Kraken.
“I think that it’s pretty clear with this administration that we want the regulators to cultivate DeFi,” he said, referring to the sort of decentralized financial activity that takes place natively on blockchain networks without third-party intermediaries. He added the caveat that he thinks innovators know better than regulators how to build smart contracts—that is, the software that runs crypto applications—that will provide investor protections.
“I think that puts the onus on us and other players in the space to go and get inventive and come up with solutions that both embody the spirit of the rules that you see in traditional financial regulation with what’s capable of the technology,” Caplan added.