CFTC Grants No-Action Relief to Key Prediction Markets and Derivatives Platforms

Key Points:* CFTC grants no-action relief to key prediction markets and derivatives platforms.

• Allows third-party clearing, reducing compliance burdens.
• Requires platforms to maintain collateral and post-trade transparency. The CFTC issued no-action letters to Polymarket, PredictIt, Gemini, and LedgerX/MIAX, allowing relaxed compliance with certain reporting requirements under strict collateral conditions.

This action facilitates U.S. prediction and crypto-derivative platforms’ operations, potentially increasing market participation and efficiency.

CFTC Eases Reporting for Crypto Platforms, Boosts Efficiency

The CFTC’s no-action letters to Polymarket, PredictIt, Gemini, and LedgerX/MIAX permit them to circumvent specific swap transaction reporting obligations. By waiving these requirements, platforms can now use third-party clearing members to facilitate operations. However, they must ensure contracts are collateralized and adhere to other conditions.

The relief primarily targets infrastructure-related compliance costs and encourages the use of U.S.-based prediction and derivatives platforms. With third-party clearing now available, operational friction is expected to reduce, potentially increasing these platforms’ efficiency and market reach.

Reactions have been positive, with industry leaders emphasizing the resulting regulatory clarity and operational flexibility. The platforms’ official statements highlight this shift as enhancing their ability to operate or expand under U.S. oversight, ensuring compliance and transparency.

Thomas P. Gallagher, Chairman & CEO of MIAX, noted, “The CFTC’s action is a breakthrough for crypto derivatives, allowing more capital efficiency in a compliant framework.”

Historical Practices Resonate in CFTC’s No-Action Strategy

Did you know? The CFTC’s no-action letters resemble prior regulatory relief strategies offered to derivatives clearing organizations, showing a continuity in regulatory practice aimed at reducing technical compliance barriers.

According to CoinMarketCap, USDC currently holds a price of $1.00, with a market cap of $78.58 billion, reflecting a market dominance of 2.50%. Trading volume over the past 24 hours is at $13.03 billion, a decrease of 7.35%.

USDC(USDC), daily chart, screenshot on CoinMarketCap at 00:01 UTC on December 12, 2025. Source: CoinMarketCap The Coincu research team suggests that the CFTC’s decision is likely to encourage increased institutional engagement and improve liquidity in crypto derivatives markets. Such regulatory actions may drive innovation while maintaining essential market controls.