Overview
- Polymarket submitted three National Futures Association registration applications on Friday, July 3 through PM Derivatives LLC and affiliate Coming Home GBA LLC seeking futures commission merchant, NFA membership, and swap firm status.
- NFA filings do not allow leveraged contracts to launch on their own because the Commodity Futures Trading Commission must separately authorize margin trading for U.S. users.
- Kalshi holds a regulatory edge after its affiliate Kinetic Markets received equivalent NFA approvals in March 2026, and both platforms reported record June trading volumes with Kalshi at $33 billion and Polymarket near $14 billion.
- Polymarket is facing active scrutiny that could affect timing for new products, including a Bloomberg‑reported CFTC inquiry into parts of its business and a July 3 New York lawsuit by two users over a disputed Bitcoin‑sale market resolution.
- The company also added instant self‑custodial Bitcoin deposits via the Lightning Network to speed crypto on‑ramps for users even though that integration does not change the need for regulatory clearances.