Jul 21, 02:32 PM

Polymarket Cleared by Regulators, Buys QCX for $112 Million to Re-Enter US

The U.S. Department of Justice and the Commodity Futures Trading Commission have closed a pair of investigations into Polymarket, lifting restrictions imposed after regulators alleged in late 2023 that the crypto-prediction platform continued to serve U.S. customers without registration. The decisions, reported by Bloomberg, remove the legal cloud that forced the New York-based operator offshore in 2022. With the probes resolved, Polymarket said it will pay about $112 million to buy QCX, a Florida-based derivatives exchange and clearinghouse that secured CFTC approval on July 9. The deal gives Polymarket the licences needed to legally relaunch its prediction markets in the United States for the first time in three years. Regulatory retrenchment is extending beyond Polymarket. On July 22 the FBI ended its separate investigation of Kraken co-founder Jesse Powell, returning dozens of devices seized during a 2023 raid tied to a dispute at a nonprofit he founded. The closure removes another high-profile enforcement case hanging over the crypto sector. Taken together, the dropped cases underscore a wider shift toward a more accommodative posture on digital-asset businesses under President Donald Trump, even as lawmakers weigh broader legislation governing the industry.

#Commodity Futures Trading Commission #Polymarket #Bloomberg #New York #QCX #CFTC #United States #FBI #Kraken #Jesse Powell #Donald Trump

Written with ChatGPT .

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