The U.S. CFTC has issued a subpoena to Coinbase requesting some customer information regarding the Polymarket case.

BlockBeats News, January 9th, according to Ethereum EIP-1559 proposal co-author Eric Conner, the U.S. Commodity Futures Trading Commission (CFTC) has issued a subpoena to Coinbase regarding the Polymarket case, requesting Coinbase to provide information related to some customers.

Coinbase stated in an email to customers: "You do not need to take any action, but Coinbase may need to send information related to your account to the Commodity Futures Trading Commission in response to the subpoena request, unless by the close of business on January 15, 2025, Coinbase formally receives a motion to quash the subpoena or other legal documents preventing Coinbase from sharing such information."

BlockBeats Note: The U.S. government recently launched a criminal and civil investigation into the cryptocurrency prediction market Polymarket. On November 13, 2024, the Federal Bureau of Investigation (FBI) raided Polymarket founder and CEO Shayne Coplan's residence in New York, seizing his phone and other electronic devices. Under U.S. law, election betting is only legal in markets regulated by the U.S. Commodity Futures Trading Commission (CFTC). However, Polymarket has been accused of allowing U.S. users to place election-related bets through its platform, which may violate a previous settlement agreement with the CFTC. In 2022, Polymarket paid a $1.4 million fine for operating without registration and pledged to cease providing services to U.S. users.