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February 6, 2025

Regulatory Storm Brewing: Coinbase Subpoenaed by CFTC Amid Polymarket Scrutiny

The cryptocurrency landscape is bracing for a significant shift as the Commodity Futures Trading Commission (CFTC) intensifies its probe into Coinbase’s involvement with Polymarket, a crypto-based prediction market platform. On January 8, 2025, Coinbase informed its customers that it had received a subpoena from the CFTC, seeking general customer information related to their interactions with Polymarket.

Whales Accumulate Bitcoin

The subpoena marks a critical moment in the ongoing regulatory tension between the US government and the cryptocurrency sector. As the Biden administration’s term comes to a close, the CFTC and other regulatory agencies are making a final push to tighten oversight of the cryptocurrency industry. The subpoena’s timing is particularly noteworthy, given the impending change in administration and the potential implications for the crypto sector.

Polymarket Under Fire

Polymarket has been at the center of controversy, with the CFTC considering its operations similar to gambling. The platform has faced regulatory scrutiny over alleged market manipulation and has been fined by the CFTC in the past. Despite blocking US users following a 2022 settlement, some users have reportedly bypassed these restrictions using VPNs, raising concerns over potential market manipulation and illicit betting.

FBI Raid and Allegations of Political Motivation

The situation took a dramatic turn when FBI agents raided Polymarket CEO Shayne Coplan’s Manhattan apartment on November 13, following the platform’s accurate prediction of Donald Trump’s election victory. Sources claimed the raid was politically motivated, with Coplan himself criticizing the move as a “last-ditch” effort to target political opponents.

Trump’s Crypto Agenda

As the new administration takes shape, President Trump’s pro-crypto stance is expected to bring significant changes to the regulatory landscape. During his presidential campaign, Trump pledged to enhance the adoption of cryptocurrencies and has since appointed pro-crypto figures to key positions. The appointment of Paul Atkins as SEC chairman and David O. Sacks as the “czar” for artificial intelligence (AI) and cryptocurrency are seen as significant indicators of the administration’s crypto-friendly agenda.

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Conclusion

The Coinbase subpoena marks a significant moment in the ongoing regulatory saga, highlighting the tensions between the US government and the cryptocurrency sector. As the Trump administration takes the reins, the crypto industry is bracing for a potential shift in regulatory oversight. With Polymarket under scrutiny and the CFTC making a final push, the coming months will be crucial in shaping the future of the cryptocurrency landscape.

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Source: Bitcoinethereumnews.com

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