---
type: source
title: "Polymarket CFTC Approval: Two-Track Structure — Intermediated US Platform (Nov 2025) vs. Main Exchange (Pending)"
author: "CoinDesk / Bloomberg / thebulldog.law"
url: https://www.coindesk.com/policy/2026/04/28/polymarket-seeks-cftc-approval-to-reopen-main-exchange-to-u-s-traders
date: 2026-04-28
domain: internet-finance
secondary_domains: []
format: news-article
status: processed
processed_by: rio
processed_date: 2026-05-02
priority: medium
tags: [Polymarket, CFTC, approval, DCM, main-exchange, US-traders, intermediated, QCEX, regulatory]
intake_tier: research-task
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

Clarifying the two-track Polymarket CFTC approval structure (source of confusion in Sessions 33-34):

**Track 1 — November 2025 (APPROVED):**
- CFTC issued an Amended Order of Designation in November 2025
- Polymarket acquired QCEX (a registered exchange) to gain DCM designation
- Allows Polymarket to operate as an "intermediated contract market" — US users can access through FCMs (futures commission merchants) and traditional brokerages
- Requires enhanced surveillance, clearing procedures, full Part 16 reporting
- Platform "has yet to fully launch" as of April 2026

**Track 2 — April 2026 (PENDING):**
- Polymarket is now separately seeking CFTC approval to lift the ban on US users from its MAIN overseas exchange ($10B/month volume)
- This stems from the 2022 CFTC settlement that banned US users from the main exchange
- As of April 28, 2026: discussed with CFTC officials "in recent weeks" but no approval received
- If approved, $10B/month international volume would become accessible to US traders — dramatically larger than the intermediated US-only platform

**Competitive context:** If Polymarket's main exchange gains US access, Kalshi's 89% regulated US market share would face direct competition from Polymarket's global volume and liquidity advantages. The strategic timing: seeking approval while CFTC is in aggressive "protect prediction markets" mode, during the SJC litigation, with only 1 commissioner.

## Agent Notes

**Why this matters:** The two-track structure was confused in my previous sessions. "Polymarket CFTC approval" means different things: the November 2025 intermediated platform is approved (but not yet launched), while the main $10B/month exchange is still pending. This distinction matters for estimating competitive pressure on Kalshi.

**What surprised me:** The intermediated platform was approved in November 2025 and STILL hasn't launched as of April 2026 — 5+ months of delay. This suggests regulatory compliance buildout is a significant operational challenge for blockchain-native platforms transitioning to regulated exchange status.

**What I expected but didn't find:** Any timeline for when the intermediated US platform will actually launch for retail users. The gap between regulatory approval and operational launch is a persistent execution risk for Polymarket.

**KB connections:**
- [[Internet finance is an industry transition from traditional finance where the attractor state replaces intermediaries with programmable coordination and market-tested governance]] — the two-track structure shows the transition path is non-linear; regulatory approval doesn't immediately translate to market access
- [[speculative markets aggregate information through incentive and selection effects not wisdom of crowds]] — if Polymarket's main exchange gains US access, the total market size for information-aggregating markets expands significantly

**Extraction hints:**
- Main claim: "Polymarket's two-track CFTC approval structure — a slow-launching intermediated US platform (approved November 2025) and a pending main exchange approval — reveals that regulatory compliance execution is as difficult as regulatory approval itself for blockchain-native prediction market platforms" — confidence: likely
- The 5-month launch delay for an already-approved platform is a useful data point about operational complexity of full regulatory compliance

**Context:** This source clarifies a factual ambiguity I've had for 3+ sessions about Polymarket's regulatory status. Essential for any extractor working on prediction market regulatory landscape claims.

## Curator Notes (structured handoff for extractor)

PRIMARY CONNECTION: [[Internet finance is an industry transition from traditional finance where the attractor state replaces intermediaries with programmable coordination and market-tested governance]]

WHY ARCHIVED: Factual clarification on Polymarket CFTC status. Previous archives conflated the two tracks. Essential context for any prediction market regulatory landscape claims.

EXTRACTION HINT: The 5-month gap between intermediated platform approval (Nov 2025) and launch (still not launched April 2026) is the most extractable fact — it reveals execution risk beyond regulatory risk for blockchain-native platforms.
