"Polymarket's CFTC Approval Unlocks Institutional Crypto Trading in U.S."

Polymarket, the world's largest crypto-based prediction market, has secured regulatory approval to resume operations in the United States under the oversight of the Commodity Futures Trading Commission (CFTC). The CFTC issued an Amended Order of Designation on November 25, 2025, allowing the platform to function as a fully regulated exchange and facilitate intermediated trading through futures commission merchants (FCMs) and traditional market infrastructure. This marks a pivotal step in Polymarket's return to the U.S. market after a two-year hiatus following a 2022 settlement with the regulator.

The approval enables Polymarket to onboard brokerages and customers directly, integrating the platform into the U.S. derivatives ecosystem. Users can now trade via FCMs, accessing custody, reporting, and market infrastructure previously unavailable to decentralized platforms. "People rely on Polymarket because we provide clarity where there is confusion," said Shayne Coplan, Polymarket's founder and CEO. "This approval allows us to operate with the maturity and transparency the U.S. regulatory framework demands" .

To meet CFTC requirements, Polymarket has upgraded its systems with enhanced surveillance tools, market supervision protocols, and regulatory reporting capabilities. Additional rules for intermediated trading will be implemented ahead of the official launch. The platform remains subject to the Commodity Exchange Act and CFTC regulations, including self-regulatory obligations.

The path to compliance involved acquiring QCX, a CFTC-licensed contract market and clearinghouse, for $112 million in July 2025. This acquisition provided Polymarket with a regulated foundation to re-enter the U.S. market. The CFTC also dropped its ongoing investigations into the company, signaling a regulatory thaw.

The approval positions Polymarket to compete more directly with Kalshi, another major prediction market. Kalshi recently raised $300 million at a $5 billion valuation and plans to expand globally. Meanwhile, Polymarket has attracted significant institutional interest, including a potential $2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. The deal could value Polymarket between $8 billion and $10 billion, according to The Wall Street Journal.

The platform's user base has also expanded, with support for direct bitcoin deposits alongside stablecoins like USDC and USDT. Coplan, 27, has become a self-made billionaire, following investments from entities like 1789 Capital, backed by Donald Trump Jr. .

The CFTC's decision reflects broader regulatory shifts under the Biden administration, which has signaled openness to crypto innovation. Polymarket's U.S. return also aligns with growing institutional adoption of prediction markets, exemplified by partnerships with the NHL and UFC.

As the platform prepares for a full launch, analysts highlight the potential for increased liquidity and institutional participation. "Intermediated trading brings Polymarket into the mainstream, offering deeper market access and consumer protections," one source noted. The approval could also spur further innovation in crypto-based financial products, particularly as prediction markets gain traction in sports betting and political forecasting.

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