# Polymarket Gets Green Light from CFTC to Reenter U.S. Market

*Author: Bankless*
*Published: Nov 25, 2025*
*Source: https://www.bankless.com/read/news/polymarket-gets-green-light-from-cftc-to-reenter-u-s-market*

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Polymarket received formal approval from the CFTC to operate again in the United States, marking its full return after being barred in 2022. The decision followed the firm’s acquisition of a regulated exchange and capped a breakout year of major licensing deals, accelerating volume, and rising investor interest. 

### **What’s the Scoop?**
- **Regulatory approval:** The CFTC issued an Amended Order of Designation permitting Polymarket to operate an intermediated trading platform under the full set of rules applied to federally regulated U.S. exchanges.
- **Background:** Polymarket had been barred from U.S. operations after a 2022 enforcement action for running an unregistered derivatives exchange. Its acquisition of QCX, a designated contract market and clearinghouse, laid the foundation for its regulated return.
- **Valuation:** The startup, founded in NYC in 2020, was reported to be seeking a valuation between $12 billion and $15 billion. It last raised at a $9 billion valuation in October and has hinted at launching a POLY token.
- **Leadership Statement:** CEO Shayne Coplan said the approval enables Polymarket to operate with the transparency the U.S. regulatory framework requires while continuing to deliver clarity and accountability.

### Bankless Take:
After years of operating offshore and settling with the CFTC in 2022, Polymarket’s return to the U.S. as a fully regulated entity now positions it on the same ground as Kalshi. Prediction markets are already in the spotlight, and the timing of this announcement lands as [Galaxy Digital and Jump](https://www.bloomberg.com/news/articles/2025-11-24/novogratz-s-galaxy-digital-experimenting-in-prediction-markets?embedded-checkout=true) move into market making on both exchanges. The leading platforms are signaling they’re tightening operations ahead of real competition. With [Kalshi leading Polymarket](https://tokenterminal.com/explorer/markets/prediction-markets) in total volume traded over the past month, and generally since the beginning of September, we’ll see if this approval helps level the playing field for the crypto-native favorite.

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/11/image-22.png)](https://tokenterminal.com/explorer/markets/prediction-markets)