- US CFTC Issued a subpoena to Coinbase for its customer info in the Polymarket case.
- EIP-1559 co-author Eric posted CFTC’s mail to customers regarding their account information.
The free speech controversy has been going on for a while, since the US elections. Industry leaders and officials such as Elon Musk, Brian Armstring, and Mark Zuckerberg expressed their views on this issue several times on social platforms. On similar grounds, the US DOJ investigated Polymarket for allowing US residents to bet on the platform in November 2024.
Biden’s CFTC is subpoenaing customer info from @coinbase in their case against @Polymarket pic.twitter.com/YlCdUPwHs7
— eric.eth (@econoar) January 8, 2025
The Polymarket issue is resurfacing again as per the latest CFTC’s move to obtain Coinbase customer information. As per the latest post from EIP-1559 Eric on X, CFTC issued a subpoena to Coinbase for its customer information in the Polymarket case. The post detailed an email from Coinbase Civil Subpoena to its customers.
Based on the email, no action is required from customers of Coinbase. However, In response to the subpoena received from the CFTC, Coinbase is expected to send customer account information to it. Otherwise, the leading exchange platform is expected to formally close the business on Jan 15, 2025.
CFTC Biden Administration Goes After Coinbase
When the FBI raided Polymarket CEO and confiscated his mobile phone and other electronic devices, Coinbase CEO Brian Armstrong reacted to it on X. Apparently, the reason behind the FBI raid is that Polymarket predicted Trump’s win in the US election. This faced a serious backlash from several industry officials, among which Coinbase CEO’s reaction remained noteworthy.
Coinbase CEO posted on X stating this act will backfire and the raid made Polymarket even more powerful. However, he deleted that tweet and then posted, “Deleted my prior tweet until all facts are in, but doesn’t look good.”
The latest CFTC’s subpoena to Coinbase might have to do something with its case against the Polymarket. However, it is unknown what are the links between these two crypto platforms. Nonetheless, the US CFTC made this move a few days ahead of Trump’s inauguration day on Jan 20, 2025. On the other hand, Brian Armstrong has not yet made any comments regarding CFTC subpoena on X so far.
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