The U.S. Commodity Futures Trading Commission (CFTC) is reportedly pursuing customer data from Polymarket, a prediction market platform. A subpoena has been issued to Coinbase Inc., seeking information related to its users’ interactions with Polymarket. Coinbase has alerted its customers about the potential requirement to share this data, although the firm did not confirm receipt of the specific subpoena.
According to a source familiar with the matter, Coinbase’s communications to customers have surfaced on social media, affirming that the CFTC’s requests are indeed legitimate. The CFTC has a history of legal disputes with prediction market companies and is intensifying its efforts just before a significant leadership shift at the agency, as Trump is poised to take office again.
In response to inquiries from regulatory bodies, a spokesperson from Coinbase emphasized that any information requests are meticulously evaluated to ensure their legal necessity. The spokesperson stated that the company occasionally resists overly broad or vague requests.
This move follows a recent legal setback for the CFTC, which lost an initial case against Kalshi, another prediction market, where a federal judge ruled the agency couldn’t prevent the company from offering certain contracts. While Kalshi continues to assert its right to host election betting, the CFTC has signaled its intent to remain active in regulating such markets.
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