DOJ, CFTC ends investigations into crypto prediction platform Polymarket
The post DOJ, CFTC ends investigations into crypto prediction platform Polymarket appeared on BitcoinEthereumNews.com. The U.S. Department of Justice and Commodity Futures Trading Commission (CFTC) have quietly ended their investigations into the crypto-based prediction market, Polymarket. The investigation into the company was initiated during the final months of the Biden administration and was formally dropped earlier this month, according to a person familiar with the matter. The U.S. DOJ has dropped its Polymarket investigation The company had previously agreed to restrict access to U.S.-based users following a 2022 settlement with the CFTC, but federal agencies were examining whether it had violated that agreement by continuing to allow bets from U.S. residents through workarounds such as virtual private networks (VPNs). The Trump administration is pushing to ease restrictions on crypto-related activities and align policy with the interests of digital asset entrepreneurs and investors. The decision comes as Congress prepares to send major legislation to the president’s desk that will formally regulate aspects of the digital asset industry for the first time. Industry advocates are celebrating this feat with what some have dubbed “Crypto Week.” Polymarket came under fire following its rapid growth during the 2024 U.S. election season, when users placed bets on political outcomes using cryptocurrency via the decentralized platform. Its rising profile also drew the attention of law enforcement. In November, just a week after the elections, FBI agents raided the Manhattan apartment of Shayne Coplan, Polymarket’s 27-year-old founder and CEO. Coplan publicly criticized the raid as politically motivated, framing it as a parting shot from the Biden administration that was hostile to the crypto industry. On social media, he called the operation a “last-ditch effort” to target platforms seen as sympathetic to Trump and joked about federal agents seizing his phone, posting “new phone, who dis?” on his X account. The raid and the following scrutiny by federal prosecutors and the CFTC…
The post DOJ, CFTC ends investigations into crypto prediction platform Polymarket appeared on BitcoinEthereumNews.com.
The U.S. Department of Justice and Commodity Futures Trading Commission (CFTC) have quietly ended their investigations into the crypto-based prediction market, Polymarket. The investigation into the company was initiated during the final months of the Biden administration and was formally dropped earlier this month, according to a person familiar with the matter. The U.S. DOJ has dropped its Polymarket investigation The company had previously agreed to restrict access to U.S.-based users following a 2022 settlement with the CFTC, but federal agencies were examining whether it had violated that agreement by continuing to allow bets from U.S. residents through workarounds such as virtual private networks (VPNs). The Trump administration is pushing to ease restrictions on crypto-related activities and align policy with the interests of digital asset entrepreneurs and investors. The decision comes as Congress prepares to send major legislation to the president’s desk that will formally regulate aspects of the digital asset industry for the first time. Industry advocates are celebrating this feat with what some have dubbed “Crypto Week.” Polymarket came under fire following its rapid growth during the 2024 U.S. election season, when users placed bets on political outcomes using cryptocurrency via the decentralized platform. Its rising profile also drew the attention of law enforcement. In November, just a week after the elections, FBI agents raided the Manhattan apartment of Shayne Coplan, Polymarket’s 27-year-old founder and CEO. Coplan publicly criticized the raid as politically motivated, framing it as a parting shot from the Biden administration that was hostile to the crypto industry. On social media, he called the operation a “last-ditch effort” to target platforms seen as sympathetic to Trump and joked about federal agents seizing his phone, posting “new phone, who dis?” on his X account. The raid and the following scrutiny by federal prosecutors and the CFTC…
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