Polymarket is acquitted of federal research in the United States: Report

By Hannah Pérez

The US Department of Justice and the CFTC closed an investigation into the Blockchain -based betting market, Polymarket. It is the last signal of the start of a new regulatory era for crypts with Trump.

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• The US Department of Justice closes Research to Polymarket.
• CFTC also leaves Pesquisa in line with Donald Trump’s crypto-friendly posture.
• Federal agencies leave behind the hostile approach of the Biden administration.
• Polymarket generated a stir with his cryptocurrency bets during the 2024 elections.

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Cryptocurrency predictions have ensured a victory in the United States now that the federal government has abandoned an inquiry related to Polymarket.

The Department of Justice (DOJ) and the US Future Trade Commission (CFTC) of the USA, have closed an investigation into the prediction market with cryptocurrencies, Polymarkethe reported Bloomberg Tuesday.

Founded in 2020, Polymarket It allows users to bet on the results of future events in the real world, such as political elections, economic events, sports, pop culture and more. Operates with intelligent contracts on PolygonCapa 2 network of Ethereum.

Polymarket He experienced extraordinary growth last year, as presidential elections in the United States promoted predictive bets. The boom was translated into more than USD $ 3 billion of capital bet on the Trump-Harris race, calling regulators’ attention and motivating market manipulation accusations.

DOJ and CFTC close to Polymarket research

In November 2024, Bloomberg reported that the CEO of PolymarketShayne Coplan, faced an investigation by the Department of Justice to determine if the platform was accepting “People bets in the United States that use virtual private networks or other means to avoid company controls”

The report coincided at that time with a FBI agent raid, who would have submitted at the Coplan house in Soho, New York, to confiscate their belongings under the premise of an ongoing investigation.

This scrutiny was followed by a CFTC citation to cryptocurrency exchange Coinbase In January, within the framework of an investigation by the financial supervision agency to Polymarketas reported then.

According to Tuesday’s report, which cites people with direct knowledge of the matter, Polymarket He received a formal warning at the beginning of this month from both American entities by notifying him that the investigations had ended.

It is worth noting that Polymarket does not allow US citizens or residents in the US to use their services due to regulatory restrictions; although people can still try to access using VPN services.

Federal agencies leave hostile approach behind

The scrutiny of the CFTC and the DOJ on Polymarket It arose in a context where US regulatory agencies intensified their focus towards the cryptocurrency industry under the last days of the administration of Joe Biden.

Rostin Behnam, who presided over the CFTC when the summons to Coinbase Related to the investigation, he left his position in the following days to give way to a new director appointed by the incoming president, Donald Trump.

Coplan, 27, had described at the time the performance of the FBI as a “last effort”Of the previous administration to prosecute the companies considered associated with the political opponents of President Joe Biden.

The last decision of federal agencies to close the investigation to Polymarket They are the last example of how US authorities are reversing the Biden era approach to digital assets. It is aligned with the resolution of agencies such as the stock and values commission (SEC) to close investigations and similar cases against crypto companies.

A new era for Trump crypts

Trump has contracted emphatically from hostility, supporting cryptocurrencies and promoting new and clearer rules for the sector. These efforts could be materialized as soon as this week, as the House of Representatives reviews three key legislative projects for the industry in what has been called the ‘Crypto Week’ of Congress.

The positive resolution for Polymarketadded to a favorable regulatory environment for cryptocurrencies with Trump, could motivate that platform to look for records to officially enter the US market; as well as boosting other licensed businesses to integrate digital assets and technology Blockchain to its betting markets.

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Hannah Estefanía Pérez / Diariobitcoin

Image generated with AI tool, under free use license

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