• Polymarket held discussions with the CFTC in recent weeks to lift its 2022 ban and bring its main exchange to U.S. users.
• A full U.S. return could pit Polymarket directly against Kalshi, deepening competition in a sector processing billions monthly.
• CFTC Chair Michael Selig holds the lone commissioner seat, meaning approval may hinge on a single vote.

According to people familiar with the matter speaking with Bloomberg, Polymarket held discussions with CFTC officials in recent weeks about lifting the prohibition tied to a 2022 enforcement action. The company, which operates its main exchange offshore, wants to bring that platform back to U.S. users directly rather than routing them through its regulated domestic vehicle.

The CFTC charged Polymarket, then operating as Blockratize Inc., four years ago with offering unregistered event contracts to U.S. persons without the required regulatory designations. The company settled by paying a $1.4 million civil monetary penalty and agreeing to block American traders from its international platform.

Polymarket did not sit still after that settlement. In July 2025, the company acquired QCX LLC, a CFTC-registered derivatives exchange and clearinghouse, for approximately $112 million. QCX was rebranded as Polymarket US and gave American traders a compliant path to the platform through licensed brokerages.

The CFTC issued an amended order of designation in late 2025, enabling limited intermediated access for U.S. users. Polymarket soft-launched a domestic version focused on sports and select events, though trading volumes on that platform have not matched the scale or liquidity of the main offshore exchange.

That gap appears to be driving the latest push. People familiar with the discussions told Bloomberg that the talks center on integrating the primary exchange’s blockchain-based operations with the domestic QCX licenses, potentially merging the two under a single regulatory framework.

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), made a strategic investment of up to $2 billion in Polymarket, valuing the company at roughly $8 billion. That backing, along with a data partnership with Dow Jones, has helped position Polymarket as a mainstream financial platform amid rising interest in prediction markets for elections, sports, and policy events.

Any formal approval would likely require a vote by CFTC commissioners. The agency currently has only one sitting commissioner, Chair Michael Selig, with several vacancies remaining unfilled. That situation could streamline a decision but has drawn scrutiny from lawmakers concerned about concentrated authority.

The CFTC did not immediately comment on the discussions. Polymarket also declined to comment.

If approved, a fully operational U.S. exchange would place Polymarket in direct competition with Kalshi, a CFTC-regulated event contract market that has operated in the U.S. since gaining regulatory clearance. Greater American participation would also bring more trading volume under federal oversight rather than fragmented state-level frameworks.

The CFTC has moved to assert exclusive jurisdiction over prediction markets, filing suits against New York and Illinois over conflicts with state gambling laws. Critics have raised concerns about market integrity and the potential for insider trading, pointing to a recent case involving a U.S. soldier accused of using a VPN to trade on classified information through Polymarket’s international platform.

Polymarket’s path from a 2022 enforcement settlement to a potential full U.S. relaunch reflects how crypto-native prediction markets have pushed steadily toward regulated status, backed by institutional capital and shifting federal policy.

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