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Highlights
- The US DOJ and CFTC have ended the probe which began under the Biden administration.
- This is the latest regulatory victory as regulators warm up to crypto firms under Trump's administration.
- These regulators were investigating whether the platform was accepting trades from US users.
The crypto industry has continued to stack up wins since U.S. President Donald Trump took office in January earlier this year. The latest of these victories comes as the U.S. Department of Justice (DOJ) ends its investigation into crypto platform Polymarket.
Polymarket In The Clear As DOJ, CFTC End Investigation
According to a Bloomberg report, the U.S. Justice Department and the Commodity Futures Trading Commission sent a formal notice to the prediction platform, informing it that they had concluded the probes. Notably, these investigations began under the Biden administration, which appeared to be an attack on the crypto industry.
However, there has been a turnaround since Trump became president, with the regulatory environment more friendly towards crypto firms. The conclusion of the probe into Polymarket marks the latest among investigations and legal battles against these firms, which regulators have dropped.
It is worth noting that the crypto prediction platform had played a major role during the U.S. presidential elections last year, as users used data from the site to gauge the outcome of the polls. The platform’s popularity back then also drew the attention of regulators, who began assessing whether it was accepting trades from U.S. customers.
The conclusion of the investigation also comes at a time when Polymarket is looking to raise $200 million at a $1 billion valuation. As such, this development could provide additional momentum for the fundraise, seeing as the platform is now in the clear.
Meanwhile, the platform and other crypto firms are also set to get further regulatory clarity in the coming weeks as US Congress moves to pass the GENIUS Act and CLARITY Act. As CoinGape reported, the US House may advance these crypto bills by July 17.
Platform’s CEO Comments On This Development
In an X post, Polymarket’s CEO, Shayne Coplan, commented on the conclusion of the DOJ’s investigation into his platform. He confirmed that this chapter of the story is over, as they have been cleared of any wrongdoing after cooperating and engaging with the regulators.
He also reminisced on how eight months ago, on election night, Polymarket got a lot of attention after they called the election. However, things quickly turned sour as eight days later, the FBI raided his home, taking his computers and phones.
He remarked that this was traumatic. However, the Polymarket CEO added that it etched the platform’s accuracy and the ensuing resistance into the history of American politics.
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