If an offshore entity’s “footprint” in the US is big enough, they must register their derivative contracts or risk facing enforcement actions, says CFTC Chair Rostin Behnam.
The United States Commodity Futures Trading Commission says it’s paying close attention to Polymarket and other offshore crypto betting platforms offering derivatives contracts to US customers — threatening enforcement actions against those who break the law.
“We are observing any activity that’s occurring offshore and is providing exposure to US customers and we want to make sure it is done legally and within the bounds of the law,” said CFTC Chair Rostin Behnam in a July 17 discussion at the Georgetown Psaros Center for Financial Markets and Policy.
If an entity’s “footprint” in the US is significant enough and doesn’t register the derivatives contracts it offers, enforcement actions will follow, said Behnam.
