CFTC Requests Customer Data from Coinbase Related to Polymarket
Coinbase Inc. (COIN) is alerting customers about a U.S. Commodity Futures Trading Commission (CFTC) request for information regarding its interactions with prediction market firm Polymarket. Key points include:
- Coinbase may need to share customer data as part of the CFTC's ongoing legal efforts against prediction markets.
- The CFTC has engaged in a lengthy legal battle, previously losing a case against Kalshi, which challenged the agency's authority over election contracts.
- Coinbase stated it reviews government requests for legal sufficiency and may narrow overly broad requests.
- The political landscape is shifting, with President-elect Donald Trump set to take office on January 20, potentially influencing future CFTC leadership.
- Possible candidates for the CFTC chairmanship include Caroline Pham, Summer Mersinger, and Brian Quintenz.
Neither the CFTC nor Polymarket has commented on the situation.