Coinbase CEO Brian Armstrong has openly criticized the U.S. Department of Justice (DOJ) for its recent investigation into Polymarket, a cryptocurrency-based prediction market platform.
Brian Armstrong's Criticism of the DOJ
In a post on social media platform X, Brian Armstrong expressed frustration with the DOJ's actions, suggesting that they are politically motivated and might strengthen Polymarket's position. The investigation was launched over suspicions of Polymarket violating a settlement with the U.S. Commodity Futures Trading Commission, which should have restricted U.S. user access to the platform.
Polymarket Denies Political Motivations
Polymarket has defended its operations, stating that its platform serves as a tool for people to gain information about the world and elections. The company labeled the DOJ's actions as politically motivated, with CEO Shayne Coplan stating that Polymarket does not take sides and that regulators should focus on fostering a favorable environment for business.
French Regulators Also Scrutinize Operations
In addition to the U.S., Polymarket has caught the attention of French regulators. Notably, the country's ANJ is considering banning the platform due to unlicensed gambling services. The Coinbase CEO's supportive response to the DOJ investigation has been popular within the community, who view the probe as a threat to free speech.
The ongoing developments around Polymarket highlight the complexity of regulatory aspects intersecting with technological platforms, especially alongside political debates.