CFTC Grants No-Action Relief to Crypto Platforms

The U.S. Commodity Futures Trading Commission issued no-action letters to Polymarket, Gemini, PredictIt, and LedgerX on December 11, 2025, exempting them from certain data rules for swap transactions.

This exemption allows these platforms to enhance operational efficiency, potentially transforming crypto derivatives markets by easing compliance burdens while maintaining key reporting and collateral standards.

The U.S. Commodity Futures Trading Commission (CFTC) issued no-action letters on December 11, 2025. These letters exempt Polymarket, PredictIt, Gemini, and LedgerX/MIAX from specific data reporting and record-keeping rules under Parts 43 and 45.

Entities involved include Polymarket, PredictIt, Gemini, and LedgerX/MIAX. Actions taken involve granting data exemptions. Changes include ensuring full collateralization and clearing contracts through designated platforms, with post-execution data publication.

The immediate effects on crypto markets and regulatory frameworks could be substantial, potentially influencing operational flexibility. These exemptions might lead to increased trading activities for binary options and swap transactions.

Expert insights suggest these exemptions may foster innovation, reducing the “sinkhole of legal uncertainty” in the sector, according to CFTC Acting Chair Caroline Pham.

Implications include financial and regulatory changes. CFTC’s decision aligns with its Digital Assets Pilot Program, using Bitcoin and Ethereum as tokenized collateral, potentially increasing market efficiency. Market players anticipate broader financial and technological impacts linked to regulatory flexibility and derivative contract management.

Potential financial and regulatory outcomes include enhanced platform participation in crypto derivatives. Analysts foresee significant growth in prediction markets and increased adoption of collateralized contracts, bolstered by historical trends in fintech solutions.