{"id":6886,"date":"2025-01-09T18:33:14","date_gmt":"2025-01-09T18:33:14","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=6886"},"modified":"2025-01-09T18:33:14","modified_gmt":"2025-01-09T18:33:14","slug":"cftcs-last-stand-against-crypto-subpoena-to-coinbase-signals-final-push-before-trump-era-begins","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=6886","title":{"rendered":"CFTC\u2019s Last Stand Against Crypto? Subpoena to Coinbase Signals Final Push Before Trump Era Begins"},"content":{"rendered":"
\n

Coinbase is facing increased scrutiny from the Commodity Futures Trading Commission (CFTC) in connection with its involvement with Polymarket, a crypto-based prediction market platform.<\/p>\n

On January 8, 2025, the exchange informed its customers that it had received a subpoena from the CFTC, which is examining the platform\u2019s operations.<\/p>\n

CFTC Issues Final Crypto Blow<\/h2>\n

According to an X post<\/a> by EthHub co-founder Eric Conner, the subpoena seeks general customer information related to their involvement with Polymarket. Coinbase, however, clarified in its email that no immediate action is required from users but noted that it could be obligated to provide specific account details unless a legal motion is filed to block the request before January 15, 2025.<\/p>\n

This action comes amidst a crackdown on decentralized betting platforms, with the CFTC considering Polymarket\u2019s operations similar to gambling, raising questions about regulatory adherence.<\/p>\n

These developments also come on the heels of a tumultuous period for Polymarket. FBI agents raided<\/a> Polymarket CEO Shayne Coplan\u2019s Manhattan apartment on November 13, following the platform\u2019s accurate prediction of Donald Trump\u2019s election victory. Sources claimed the raid was politically motivated, with Coplan himself criticizing the move as a \u201clast-ditch\u201d effort to target political opponents. Polymarket, previously fined by the CFTC, also faces regulatory scrutiny over alleged market manipulation.<\/p>\n

Despite Polymarket\u2019s move to block US users following a 2022 settlement<\/a> with the CFTC, some users have reportedly bypassed these restrictions using VPNs, leading to further concerns over potential market manipulation and illicit betting.<\/p>\n

Meanwhile, the latest subpoena to Coinbase marks a significant moment in the ongoing regulatory tension between the US government and the cryptocurrency sector. Under the Biden administration, the CFTC and other regulatory agencies have been making final efforts to tighten oversight of the cryptocurrency industry. This is expected to change<\/a> once Trump takes over.<\/p>\n

Trump\u2019s Bold Crypto Gambit<\/h2>\n

Throughout his presidential campaign, Trump was vocal about his strong support for the cryptocurrency industry and pledged to take measures to enhance its adoption if elected. Since his victory, he has started delivering on these commitments, including appointing pro-crypto figures to key positions, such as Paul Atkins, who will succeed<\/a>\u00a0Gary Gensler as SEC chairman.<\/p>\n

He also appointed appointed<\/a> former PayPal COO David O. Sacks as the \u201cczar\u201d for artificial intelligence (AI) and cryptocurrency. Meanwhile, Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy were tasked<\/a> with leading the newly formed Department of Government Efficiency (D.O.G.E.)<\/p>\n

The post CFTC\u2019s Last Stand Against Crypto? Subpoena to Coinbase Signals Final Push Before Trump Era Begins<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Coinbase is facing increased scrutiny from the Commodity Futures Trading Commission (CFTC) in connection with its involvement with Polymarket, a crypto-based prediction market platform. On January 8, 2025, the exchange informed its customers that it had received a subpoena from the CFTC, which is examining the platform\u2019s operations. CFTC Issues Final Crypto Blow According to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-6886","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6886"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6886\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}