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

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email CFTC Gives No-Action Leeway to Polymarket, Gemini, PredictIt, LedgerX Over Data Rules The CFTC granted the operators of Polymarket, PredictIt, Gemini and LedgerX permission to skip certain recordkeeping requirements. By Nikhilesh De | Edited by Jesse Hamilton Dec 11, 2025, 10:36 p.m. Shayne Coplan's Polymarket is among prediction market firms getting new CFTC no-action help. (CoinDesk/Jesse Hamilton) What to know : The Commodity Futures Trading Commission granted several prediction-market firms certain regulatory leeway in meeting derivatives rules, suggesting they won't get into enforcement trouble if they do business as intended. The no-action letters went to Polymarket, PredictIt, Gemini and LedgerX/MIAX. The U.S. Commodity Futures Trading Commission issued no-action letters to the operators of prediction markets platforms Polymarket, PredictIt, Gemini and LedgerX/MIAX on Thursday, announcing that the companies did not have to meet certain recordkeeping demands as long as they meet other specified requirements, and that the companies might be able to clear contracts through a third-party clearing member. The CFTC said in a press release that the no-action letters mean the regulator will not pursue any enforcement action — a court case alleging the companies broke the law — tied to how these companies comply with "certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions." STORY CONTINUES BELOW Don't miss another story. Subscribe to the State of Crypto Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . "The no-action letters apply only in narrow circumstances and are comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations," the CFTC said. According to the no-action letters, the issuers must: make sure that their contracts are fully collateralized at all times, only clear their contracts through their designated platform, publish all data tied to the contracts on their platforms after they are executed and otherwise conform to certain swap recording requirements. Prediction markets are a growing sector of the crypto economy, having dramatically increased in popularity last year during the 2024 election and as Kalshi, another prediction market platform, secured judicial approval to launch elections contracts in the U.S. Polymarket and Gemini have been working to formally launch (relaunch in Polymarket's case) prediction market operations in the U.S., with Gemini securing a CFTC approval earlier this week. Crypto exchange Coinbase is also working on launching its own in-house prediction market platform. Read more: Most Influential: Shayne Coplan U.S. Commodity Futures Trading Commission Polymarket PredictIt Gemini Prediction Markets LedgerX More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Terraform's Do Kwon Sentenced to 15 Years in Prison for Fraud By Cheyenne Ligon | Edited by Nikhilesh De 39 minutes ago The Terraform Labs co-founder pleaded guilty to conspiracy and wire fraud in August. 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