The U.S. Commodity Futures Trading Commission (CFTC) has stated that it will not take enforcement action against two entities related to the prediction platform Polymarket.

In a notice on Wednesday, the CFTC indicated that it had issued a "no-action letter regarding swap data reporting and recordkeeping requirements for event contracts" to QCX LLC and QC Clearing LLC.

The regulatory agency stated: "The divisions will not recommend that the CFTC initiate enforcement action against any entity or its participants for failing to comply with certain swap-related recordkeeping requirements and for failing to report data related to binary options trading and variable payment contract trading to a swap data repository […]"

This action effectively allows Polymarket to offer event contracts without reporting the data required by U.S. financial regulations, providing a temporary enforcement exemption without exempting the company from regulatory compliance.

In a post on X on Wednesday, Polymarket CEO Shayne Coplan stated that the CFTC's action has given the company "the green light to go live in the U.S."

Coplan said, "This process was completed in record time. Stay tuned."

Polymarket reported in July that it acquired QCEX for $112 million, which includes a CFTC-licensed derivatives exchange and clearinghouse, providing it with a greater foothold in the U.S. market.

According to the no-action exemption application from July, QCX stated that the relevant event contracts still "need to be fully collateralized," and "no market participants will clear QCEX contracts through third-party clearing members."

This no-action letter appears to be another example of U.S. financial regulators softening their approach to crypto enforcement since the Trump administration took office in January.

Over the past eight months, the U.S. Securities and Exchange Commission (SEC) has withdrawn several investigations and lawsuits against digital asset companies, many of which were initiated during the tenure of former Chair Gary Gensler.

Donald Trump Jr., the son of the U.S. president, joined the Polymarket advisory board in August. Brian Quintenz, the CFTC chair nominee nominated by Trump, is awaiting Senate review, and as of Wednesday, acting chair Caroline Pham is the only remaining commissioner at the agency.

Polymarket has also been a target of regulatory enforcement. In 2022, the CFTC ordered the company to pay $1.4 million for operating "illegal unregistered or unlicensed facilities."

Reports indicate that authorities were also investigating trades by U.S. users on Polymarket following the 2024 U.S. elections, but the investigation was concluded in July.

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Original: “U.S. Regulators Provide Exemption to Polymarket on Event Contract Reporting Rules”

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