Washington D.C., United States - The US Commodity Futures Trading Commission (CFTC) has reportedly granted a partial exemption to Polymarket, a decentralized betting platform, from strict reporting rules related to event contracts. This decision allows Polymarket to no longer report to the CFTC on every betting transaction, as long as the bets do not exceed a certain value threshold.
This relief is welcomed by Polymarket, which argues that the existing reporting rules are too burdensome for their operations. They claim that under the previous rules, they had to report every transaction, no matter how small the value, which they deemed inefficient and stifling to the growth of the platform.
Nevertheless, the CFTC continues to emphasize that this relief is limited and does not completely eliminate Polymarket's reporting obligations. They must still report if any transactions exceed the established value threshold and must comply with all other applicable regulations.
This decision is seen as a step forward for the decentralized betting industry in the US, which has long operated in the shadows of regulatory uncertainty. Some hope that this could set a precedent for other regulators to adopt a more flexible approach to new technologies. However, others remain cautious, reminding that oversight is still necessary to protect consumers and prevent market manipulation.
