Overview

• On Sept. 3, the CFTC’s market oversight and clearing divisions issued a staff no-action letter for QCX LLC and QC Clearing LLC covering swap data reporting and recordkeeping for event contracts.
• Polymarket acquired QCX and its clearing arm in July for $112 million, securing CFTC-licensed exchange and clearing infrastructure for a U.S. relaunch.
• CEO Shayne Coplan called the decision a “green light” to go live in the U.S., though the relief is narrow, conditional, and applies to QCX entities, and the site was not yet available to U.S. users Wednesday.
• Federal probes by the CFTC and DOJ were closed in July, lifting a key overhang from Polymarket’s 2022 settlement that required blocking U.S. customers.
• The development raises competitive pressure on rival Kalshi and fuels industry debate, with state-level and compliance steps potentially required before full U.S. availability, and with 1789 Capital’s Donald Trump Jr. investing and joining Polymarket’s advisory board.