Polymarket Seeks Margin Trading Entry in U.S. via NFA Filings

The filings, submitted by Polymarket affiliate Coming Home GBA LLC through PM Derivatives LLC, seek status as a futures commission merchant, an NFA member, and a swap firm. Securing these registrations is a prerequisite for supporting trades where users put down only a fraction of a contract's total value. However, the platform must still obtain direct approval from the Commodity Futures Trading Commission before it can legally offer leveraged event contracts to the public.

This regulatory pathway is not entirely uncharted. Rival prediction market Kalshi successfully cleared the NFA hurdle in March 2026, with its affiliate Kinetic Markets LLC securing identical status. Polymarket’s expansion effort arrives during a period of heightened scrutiny. Bloomberg reports that the CFTC is investigating several facets of the platform, including allegations that it engaged content creators to produce promotional videos featuring fabricated winnings and simulated trades.

Legal headwinds are also mounting in New York. On July 3, two users filed a lawsuit against Polymarket, alleging the platform improperly denied payouts on a market tied to MicroStrategy’s Bitcoin holdings. The plaintiffs claim the exchange retroactively altered contract language to resolve the market against them, despite SEC filings confirming the underlying asset sale. While the company navigates these disputes, it continues to iterate on its product, recently launching instant self-custodial Bitcoin deposits via the Lightning Network.