The U.S. Commodity Futures Trading Commission has approved Polymarket, the world’s largest prediction market, to relaunch in the country after more than three years. Some experts argue that prediction markets are superior to traditional polls, while others see them as “digital casinos.”

Polymarket allows users to profit from predictions on various events like sports, entertainment, politics, and the economy. Its popularity has increased since the U.S. presidential election last year. The approval follows Polymarket’s acquisition of QCEX, a CFTC-licensed derivatives exchange, enabling it to operate legally in the U.S.

The CFTC issued a no-action letter granting relief to the derivatives exchange and clearinghouse on specific recordkeeping and reporting requirements for event contracts. Nick Jones, founder of Zumo, believes prediction markets could eventually surpass the stock market, highlighting their importance in the financial sector.

Polymarket is making a comeback in the U.S. after reaching a settlement with the CFTC three years ago, agreeing to block American users. Kalshi’s successful court challenge last year allowed them to list contracts related to the White House race. Investors have shown interest, with Kalshi securing a $2 billion valuation and Polymarket receiving an investment from Donald Trump Jr-backed venture capital firm 1789 Capital.

Read more at Yahoo Finance: Polymarket receives green signal from CFTC for US return