Polymarket Daily Active Addresses Decline 40% After CFTC Regulation Move
CryptoNewsTerminal Staff16 Sep, 2024
Polymarket Daily Active Addresses Decline 40% After CFTC Regulation Move
As the world becomes increasingly interconnected, the need for global news is more important than ever. Non-crypto CoinDesk reported that the number of daily active addresses on decentralized prediction market platform Polymarket has declined by nearly 40% since the U.S. Commodity Futures Trading Commission (CFTC) moved to regulate prediction market Kalshi. This action occurred after a federal court ruled that the CFTC had overstepped its authority in attempting to shut down Kalshi's market for predicting political issues. Despite this setback, the CFTC reportedly maintains that prediction markets like Kalshi are susceptible to manipulation and need to be regulated. As of September 15 (local time), Polymarket's daily active addresses had decreased by 39.4% to 7,627 since September 11. Over the same duration, its daily trading volume fell from $37.2 million to $5.35 million.
