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Cryptoprowl / Polymarket is reportedly in talks with regulators in Washington, D.C. about bringing its main prediction market back to the U.S.

Management at Polymarket have been talking about re-entering the U.S. market after acquiring derivatives exchange QCEX last year.

QCEX is regulated by the U.S. Commodity Futures Trading Commission (CFTC). While based in New York City, Polymarket does not currently allow Americans to access its prediction market. 

In 2022, Polymarket settled with the CFTC for allegedly offering illegal options contracts. The company paid a $1.4 million U.S. fine, wound down its non-compliant markets, and agreed to prevent American users from accessing its prediction market. 

In exchange, the U.S. Justice Department agreed to drop its investigation into Polymarket. 

Now, Polymarket is in talks with the CFTC about lifting that ban on U.S. customers, which would require a formal commission vote, according to media reports. 

Predictions markets have been a hot topic for the CFTC in recent years. The federal agency has asserted that it has exclusive jurisdiction over prediction markets rather than U.S. states. 

Polymarket’s discussions with the CFTC have involved operating solely as a blockchain-based platform. 

Polymarket is privately held and its stock doesn’t trade on a public exchange.