The CFTC is granting approval to crypto prediction platform Polymarket to operate its market prediction platform in the US. The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced Wednesday that they have taken a no-action position regarding swap data reporting and recordkeeping regulations for Polymarket, giving it the greenlight to begin US operations.

“The divisions will not recommend the CFTC initiate an enforcement action against either entity or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions and variable payout contract transactions executed on or subject to the rules of QCX LLC and cleared through QC Clearing LLC, subject to the terms of the no-action letter,” the CFTC wrote in a statement. “The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations.”

Also Read: What is Polymarket?

Polymarket is an American cryptocurrency-based prediction market, headquartered in Manhattan, New York City. Established in 2020, the platform previously faced hurdles to operate its prediction platform in the US. However, the CFTC green light is a long-awaited one for Polymarket to continue its huge growth over the last few years.

CEO Shayne Coplan also took to X to celebrate the CFTC approval, saying, “Polymarket has been given the green light to go live in the USA by the CFTC. Credit to the Commission and Staff for their impressive work. This process has been accomplished in record timing. Stay tuned.”

The CFTC is granting approval to crypto prediction platform Polymarket to operate its market prediction platform in the US. The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced Wednesday that they have taken a no-action position regarding swap data reporting and recordkeeping regulations for Polymarket, giving it the greenlight to begin US operations.

“The divisions will not recommend the CFTC initiate an enforcement action against either entity or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions and variable payout contract transactions executed on or subject to the rules of QCX LLC and cleared through QC Clearing LLC, subject to the terms of the no-action letter,” the CFTC wrote in a statement. “The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations.”

Also Read: What is Polymarket?

Polymarket is an American cryptocurrency-based prediction market, headquartered in Manhattan, New York City. Established in 2020, the platform previously faced hurdles to operate its prediction platform in the US. However, the CFTC green light is a long-awaited one for Polymarket to continue its huge growth over the last few years.

CEO Shayne Coplan also took to X to celebrate the CFTC approval, saying, “Polymarket has been given the green light to go live in the USA by the CFTC. Credit to the Commission and Staff for their impressive work. This process has been accomplished in record timing. Stay tuned.”