According to people familiar with the matter, Polymarket is taking steps to try to bring its main trading platform back to the United States. The move gives U.S. users access to the platform and is expected to inject further momentum into an already rapidly growing industry. Polymarket has technically banned U.S. users from trading on its international platform since a run-in with regulators in 2022, while the U.S.-based alternative platform launched by the company has not yet been fully launched.
However, some people familiar with the matter said that the company has discussed lifting restrictions on U.S. customers with officials from the U.S. Commodity Futures Trading Commission (CFTC) in recent weeks.
Shayne Coplan, CEO of Polymarket
It is unclear whether the CFTC will approve the request. Lifting the ban requires a formal vote by the committee, a process made easier by the fact that four committee seats are currently vacant, requiring only action by Chairman Michael Selig.
As a leading prediction market platform, Polymarket faced a series of challenges in the United States after reaching a settlement with the CFTC in 2022, forcing its trading platform to move overseas. That has caused the company to fall behind rival Kalshi after the Trump administration backed the industry.
The Trump family has also entered the field, with Donald Trump Jr. serving as an adviser to both Polymarket and Kalshi.He also invested in Polymarket through 1789 Capital, a venture capital fund of which he is a partner. Meanwhile, Trump’s social media company Trump Media & Technology Group Corp. It also plans to launch its own prediction market platform.