The CFTC's enforcement action against PolymarketHQ paints a picture of how the regulator might approach the broader DeFi sector. State of Crypto newsletter by nikhileshde
Most of these will expire on Jan. 15. The Tebow one is currently set to expire a month later. That being said, my understanding is that after Polymarket winds down its open markets, there will be no open markets after Jan. 15.
There are a few takeaways here. First, this is probably not great news for other crypto/decentralized finance prediction markets that are accessible in the U.S. Back in 2020, I followed FTX, Augur and Everipedia’s PrediQt markets. FTX geofences its U.S. users and as far as I can tell, Americans can’t access the prediction markets.
Yesterday’s action wasn’t a surprise. We’ve known about an investigation into Polymarket – that the company appears to have cooperated with – since at least October, and former CFTC Commissioner Dan Berkovitz straight up said that DeFi platforms offering derivatives products would run afoul of the agency’s remit.
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