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FBI Raids Polymarket CEO Following Donald Trump’s Victory Prediction

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The FBI confiscated Polymarket CEO Shayne Coplan’s phone and electronics early Wednesday morning, just a week after the platform accurately predicted Donald Trump’s presidential victory.

According to the sources, law enforcement officers arrived at the 26-year-old entrepreneur’s Soho residence at 6:00 a.m., demanding his devices.

FBI Raids Polymarket CEO’s Home After Platform Accurately Predicted Trump Election Victory

In an early morning raid on Wednesday, the FBI seized the phone and electronics of Polymarket CEO Shayne Coplan, just a week after the platform’s election betting correctly predicted President-elect Donald Trump’s victory.

At 6:00 a.m., police appeared at the 26-year-old entrepreneur’s Soho residence and commanded his devices. A source close to the matter described the raid as “political theatre” because law enforcement could have requested what they asked for through attorneys.

The government might consider political retaliation against the now-accurate market that predicted Trump’s victory, a source said. That’s what the government could say: ‘It’s market manipulation, or rigging for Trump to win,’ the source said.

Polymarket is a free public prediction market meant to shine light on events like elections. The spokesperson said: “We do not collect any fees, do not take positions in any markets, and publish our markets’ data for free.”.

For his part, the source said that Coplan was not arrested at the time of the incident.

Acting As a Key Indicator Ahead of Official Election Call

When polls closed one election night, Polymarket had the odds of a Trump victory at roughly 58%. As the night wore on, his odds began to climb. By 11:43 p.m., nearly six hours before the Associated Press called the election-his odds sat at 95%.

Coplan posted on X early Wednesday, saying reports indicated the Trump campaign knew of their victory through Polymarket’s prediction. For a month before the election, Trump led Vice President Kamala Harris in prediction markets, with his odds at 67%. Conventional polls never showed a clear leader, with neither candidate breaking the margin of error in key states.

Coplan called the result a “vindication” of prediction markets, proving the site as “the most accurate way to follow the election.” This election marked the first time Americans could legally bet on the outcome. In early October, a federal court ruled in favor of Kalshi, allowing election event contracts.

Be it as it may, this is not the first problem Polymarket has with the government. Recently it was announced it is likely for it to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 US presidential election.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Gary Gensler Reaffirms Crypto Regulatory Stance Amid Resignation Calls

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Ahead of Donald Trump’s team taking office, US SEC Chair Gary Gensler has reiterated his commitment to regulating the cryptocurrency market, stating that stricter oversight is necessary to protect investors. Speaking at the Practicing Law Institute’s Annual Institute on Securities Regulation in New York, Gensler highlighted the importance of clear “rules of the road” for the industry. 

Gensler has also pointed out that many of these assets are securities and should, as such, be regulated by existing securities laws, which include the disclosure and registration rules.

US SEC Chair Gary Gensler’s Stance on Crypto Regulation

US SEC Chair Gary Gensler has argued that the cryptocurrency market needs regulatory safeguards similar to those in traditional financial markets. He emphasized that while Bitcoin is the only asset that does not fall under the category of securities, other forms of digital assets should be considered securities based on the current legal framework.

Gensler said, “Court after court has agreed with our actions to protect investors,” pointing out that the SEC is empowered to implement these laws in the crypto sector.

Gensler pointed out that most other digital assets outside of Bitcoin have yet to demonstrate clear utility and could potentially threaten investors. His comments are made just as a last attempt to build regulatory frameworks before the new Trump administration takes office, with candidates like Robinhood CLO Dan Gallagher emerging as the leading candidates to replace Gensler.

Gary Gensler Highlights SEC Accomplishments

In his speech, US SEC Chair Gary Gensler outlined some of the regulatory measures he has implemented since taking office. He mentioned new requirements for enhancing the quality of information companies provide, such as those concerning executive compensation and data breaches. 

Gensler also discussed improvements in market infrastructure, including the accelerated settlement period for stocks and stricter rules for Treasury clearing.

Besides his achievements, Gensler also mentioned that he was proud of his work at the SEC, calling it “a remarkable agency.” He thanked his colleagues and noted that the US SEC will still play a significant part in ensuring that there are proper protections for investors in the United States. Gary Gensler’s comments amid speculations that he could resign this week.

Resignation Calls and Future of the SEC

Since Donald Trump’s re-election, Gary Gensler has come under pressure to resign, including from ex-SEC official John Reed Stark. Stark, an outspoken opponent of Gensler’s regulation of the cryptocurrency industry, said that Gensler should leave the position to make it easier for the new SEC chairman to come in. 

Gary Gensler has, however, not given any signs of quitting his position despite the calls for his resignation. Some have opined that he may resign in the event that Trump appoints a new SEC chairperson with a friendly disposition towards cryptocurrencies. Donald Trump has expressed his desire to create a conducive environment for cryptocurrency, which will lead to changes in the agency’s policies and the firing of Gensler.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US PPI Inflation Comes In At 2.4%; Will It Hinder Bitcoin Rally To $100K?

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The latest US Producer Price Index (PPI) data showed that the inflation has come in at 2.4%, up from the September reading of 1.9%. This comes a day after the US CPI inflation figure showed a spike in the inflationary figure for the first time in eight months. Besides, the market concerns are also fueled as this set of data is also crucial for the Fed’s decision on their monetary stimulus plan.

However, despite the hotter-than-anticipated CPI inflation data, Bitcoin has continued its run towards the north, hitting a new ATH of $93,000.

US PPI Inflation Came In At 2.4%

The latest data by the Labor Department showed that the US PPI inflation came in at 0.2% in October, after noting no change in the prior month and the highest since August 2024. On a year-over-year (YoY) basis, the inflation was at 2.4%, marking a jump from the 1.9% figure of September.

The Core Producer Price Index, which excludes the foods and energy prices, came in at 0.3%, as compared to 0.1% in the prior month and up from the market expectations of 0.2%. On a YoY basis, the reading showed that the Core inflation was at 3.1% in October, up from 3% in September and the market expectations of 2.8%.

However, the hotter-than-anticipated US PPI inflation data has further fueled market speculations over the US Fed’s next move with their policy rate plans. Notably, the latest US CPI inflation figures also came in hot, indicating a hawkish decision on the upcoming Fed rate cut decisions.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Court Issues Order in Favor of Ripple, CEO Brad Garlinghouse

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XRP Lawsuit: In the latest development in the In re Ripple Labs Inc Litigation, the court has granted an order in favor of defendants Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. The order came pursuant to a joint request by both parties to proceed for final judgment and a stay on the plaintiff’s class claims.

Judge Grants Order on Final Judgment and Stay in XRP Lawsuit

In the latest court filing in the In re Ripple Labs Litigation, Judge Phyllis Hamilton has granted a joint motion for entry of final judgment and to stay. The court affirms the judgment in favor of defendants Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse.

“The Court finds that final judgment should be entered pursuant to Rule 54(b) with regard to Plaintiff’s class claims that were resolved in Defendants’ favor in the Court’s Order and Opinion Granting In Part and Denying In Part Defendants’ Motion for Summary Judgment.”

The court ordered in favor of Ripple and Brad Garlinghouse on plaintiff class action claims in the XRP lawsuit. The class claims include unregistered offers and sales of securities, liabilities of Ripple and Brad Garlinghouse as control person, and California securities law violations.

XRP lawsuit. In re Ripple LabsXRP lawsuit. In re Ripple Labs

Last month, Ripple requested the court to issue final judgment on plaintiff class action claims and a stay on individual state law claim until resolution. Also, the court asked the parties to consider an alternative resolution to the ongoing dispute related to an individual claim.

The court also set January 21 next year as the trial date, dismissing attendant pretrial dates. The court will declare new dates after the resolution of any or all appeals of the class claims.

Can Ripple Vs SEC Lawsuit Be Dismissed?

The US SEC has made some similar claims in the SEC v. Ripple Labs lawsuit, bringing charges against CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The market participants slammed the agency for appealing the ruling by Judge Analisa Torres.

The debate surrounding the end or dismissal of the XRP lawsuit picked pace due to Donald Trump’s promise of crypto regulatory clarity. In addition, Trump also said to fire Gary Gensler after entering the White House. Gary Gensler was asked to resign as the SEC Chair by American Securities Association (ASA) President Chris Iacovella.

Expert lawyers and Ripple CTO David Schwartz assert the lawsuit will likely get dismissed. Attorney Fred Rispoli said the Ripple SEC case can be withdrawn or settled at any time. While he believes the XRP lawsuit withdrawal is “unrealistic” though settlement seems likely.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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