DOJ and CFTC Terminate Polymarket Investigations: Bloomberg

Bloomberg reports that the U.S. Department of Justice (DOJ) and Commodity Futures Trading Commission (CFTC) formally notified Polymarket this month that their probes into the prediction market are ending. The investigations, which intensified late in the Biden administration, examined whether Polymarket allowed U.S.-based users to place crypto asset wagers via technical workarounds like VPNs, potentially violating a 2022 settlement requiring it to block U.S. traders. The resolutions coincide with broader efforts in Washington to advance crypto-friendly policies, including pending legislation, during what some industry advocates call “Crypto Week.” Polymarket, which saw $2.6 billion in November trading volume primarily on election bets, may now pursue official U.S. re-entry options such as CFTC registration. The platform recently secured funding led by Peter Thiel’s Founders Fund and partnered with Elon Musk’s X.