Polymarket, a crypto-based prediction markets platform, has received approval from the CFTC to operate in the United States. The ruling follows a no-action letter regarding swap data reporting and recordkeeping regulations, paving the way for Polymarket's entry after a prior federal investigation was dropped.

Polymarket achieved an all-time high in new market creation during April, despite a decrease in overall betting volume compared to earlier in the year. The surge in new markets is attributed to global geopolitical events and a shift towards a more concentrated user base among market creators.

Polymarket is set to raise $200 million in a new funding round that will value the platform at $1 billion, led by Peter Thiel’s Founders Fund. Despite facing regulatory challenges that resulted in banning US customers, Polymarket has maintained significant activity, particularly during the 2024 US presidential election, and is expanding its offerings through a partnership with Elon Musk's social network, X. The platform's cumulative betting volume is approaching $14.8 billion, with a notable decrease in user activity recently.