The United States Department of Justice and the Commodity Futures Trading Commission (CFTC) have reportedly closed their investigations into online betting platform Polymarket after several months.
According to a Bloomberg report on Tuesday, authorities ended investigations into Polymarket to investigate whether the platform was accepting trades from US-based users.
The investigation reportedly ramped up after the 2024 US elections, when many Polymarket users were betting on the outcome of races.The company reached a $1.4 million settlement with the CFTC in 2022.
Amid the reported investigations in November 2024, the Federal Bureau of Investigation (FBI) raided the home of Polymarket CEO Shayne Coplan, confiscating his electronic devices.A person familiar with the matter confirmed the end of the investigation to Cointelegraph.
Neither Coplan nor Polymarket had publicly commented on the Bloomberg report at the time of publication.Related: Polymarket set for $200M raise at $1B valuation: ReportsThe reported probe into Polymarket occurred during the administration of former President Joe Biden, when many regulatory and government agencies were considered nonpartisan groups.
In contrast, under President Donald Trump, the US Securities and Exchange Commission (SEC) has dismissed many enforcement actions and investigations into crypto companies, including those whose executives supported his 2024 campaign.
Brian Quintenz, Trumps pick to chair the CFTC, refused to answer questions at a June confirmation hearing as to whether he would push for a bipartisan regulator.The House of Representatives is set to vote on three crypto bills before the August recess, one of which could radically change how the SEC and CFTC handle digital asset regulation.
The CLARITY Act is expected to be Republican lawmakers priority, though Trump has been pushing for a quick vote on the GENIUS Act to regulate payment stablecoins.Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin: Heres why