In a significant development impacting the future of prediction market platform Polymarket in the U.S., the firm's CEO, Shayne Coplan, confirmed Thursday that he will attend the hotly anticipated White House Digital Asset Roundtable.
What happened: In an X post, Coplan thanked President Donald Trump for the invitation and said he would be honored to attend.
"This administration’s commitment to collaboration with American innovators is revitalizing the American dream. The future is bright," the entrepreneur said.
The invitation held significance as Coplan's startup, Polymarket, has been facing legal challenges in the U.S.
The Polygon POL/USD-based betting platform has remained offshore since the CFTC penalized it $1.4 million and issued a cease-and-desist order for regulatory violations in January 2022. As such, U.S. residents can’t use the platform.
However, the platform rose to prominence during last year's election season, with over $3 billion wagered on the outcome of the presidential race between Trump and Kamala Harris. The platform accurately predicted a Trump victory, although concerns over potential foreign influence and market manipulation dominated the headlines.
In days following Trump's win, Coplan's home was raided by the Federal Bureau of Investigation on allegations that Polymarket allowed U.S. users to place bets.
See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate
Why It Matters: The first ever White House Crypto Summit, an intimate gathering of prominent figures from the cryptocurrency sector alongside key members of the Presidential Working Group on Digital Assets, is slated to take place on Friday.
The star-studded guest list includes Strategy founder Michael Saylor, Ripple Labs CEO Brad Garlinghouse, and Coinbase CEO Brian Armstrong.
The event follows an executive order signed by Trump to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile funded by forfeited assets.
Photo Courtesy: Matt Fowler KC On Shutterstock.com
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