Former Commodity Futures Trading Commission (CFTC) head and crypto advocate Christopher Giancarlo has taken a seat as the chairman of crypto prediction
The platform utilizes smart contracts to enable betting on event outcomes through the USDC stablecoin. Polymarket has said these are"decentralized information markets," which are used to reflect public sentiment through funds. Still, the
The CFTC determined those transactions constitute swaps, which requires licensure the platform had failed to obtain. Polymarketwith the CFTC at the start of this year for"offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market or registration as a swap execution facility ." It paid a $1.4 million fine.
Polymarket CEO Shayne Coplan indicated that Giancarlo may help the firm navigate US derivatives regulation. In a Twitterannouncing the appointment, Coplan said Giancarlo's skillset is"exactly what's needed to pioneer compliant DeFi in the US."