CFTC Gives No-Action Leeway to Polymarket, Gemini, PredictIt, LedgerX Over Data Rules

The CFTC granted the operators of Polymarket, PredictIt, Gemini and LedgerX support to skip definite recordkeeping requirements.

Dec 11, 2025, 10:36 p.m.

The U.S. Commodity Futures Trading Commission issued no-action letters to the operators of prediction markets platforms Polymarket, PredictIt, Gemini and LedgerX/MIAX connected Thursday, announcing that the companies did not person to conscionable definite recordkeeping demands arsenic agelong arsenic they conscionable different specified requirements, and that the companies mightiness beryllium capable to wide contracts done a third-party clearing member.

The CFTC said successful a property merchandise that the no-action letters mean the regulator volition not prosecute immoderate enforcement enactment — a tribunal lawsuit alleging the companies broke the instrumentality — tied to however these companies comply with "certain swap-related recordkeeping requirements and for nonaccomplishment to study to swap information repositories information associated with binary enactment transactions."

"The no-action letters use lone successful constrictive circumstances and are comparable to no-action letters issued for different likewise situated designated declaration markets and derivatives clearing organizations," the CFTC said.

According to the no-action letters, the issuers must: marque definite that their contracts are afloat collateralized astatine each times, lone wide their contracts done their designated platform, people each information tied to the contracts connected their platforms aft they are executed and different conform to definite swap signaling requirements.

Prediction markets are a increasing assemblage of the crypto economy, having dramatically accrued successful popularity past twelvemonth during the 2024 predetermination and arsenic Kalshi, different prediction marketplace platform, secured judicial support to motorboat elections contracts successful the U.S.

Polymarket and Gemini person been moving to formally motorboat (relaunch successful Polymarket's case) prediction marketplace operations successful the U.S., with Gemini securing a CFTC support earlier this week. Crypto speech Coinbase is besides moving connected launching its ain in-house prediction marketplace platform.

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