CFTC Grants No-Action Relief to Polymarket, Gemini, PredictIt, and LedgerX on Swap Data Rules
On December 11, 2025, the Commodity Futures Trading Commission (CFTC) issued no-action letters to Polymarket, PredictIt, Gemini, and LedgerX/MIAX. These letters provide regulatory relief, granting leeway on certain swap-related recordkeeping and data-reporting requirements, contingent on the fulfillment of specific conditions.
Issuers benefiting from this relief must maintain full collateralization of contracts, ensure clearing exclusively through their designated platform or a permitted third-party clearing member, publish all data associated with contracts promptly following execution, and comply with applicable swap recording requirements. The CFTC has stated it will refrain from pursuing enforcement actions related to these particular requirements as long as these stipulated conditions are met.
The scope of these no-action letters is limited and aligns with similar relief previously extended to other designated contract markets and derivatives clearing organizations. This regulatory development comes amid a broader expansion in prediction markets, highlighted by Kalshi's recent approval to launch contracts tied to U.S. elections. Furthermore, Polymarket and Gemini are planning relaunches, while Coinbase is actively exploring entry into prediction markets.
