Polymarket CEO Shayne Coplan claims FBI raid was politically motivated News ▸ US ▸ Election 2024
Polymarket CEO Shayne Coplan claims FBI raid was politically motivated
Industry figures warn that aggressive actions against firms like Polymarket could stifle US innovation.
2 min read
Updated: Nov. 14, 2024 at 11:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polymarket’s CEO Shayne Coplan believes the recent FBI raid and seizure of his devices may have political motives.
On Nov. 13, Coplan took to X to express disappointment at the action, suggesting the current administration was making last-minute efforts to target firms linked to political opposition. He emphasized that Polymarket operates as a non-partisan platform, offering value during the recent election season.
He stated:
“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different.”
Polymarket, a decentralized prediction platform, gained significant traction in the lead-up to the Nov. 5 US presidential election. However, the platform faced heightened scrutiny as Election Day approached, as some accused it of manipulating data in favor of President-elect Donald Trump—a claim the company has firmly denied.
[Editor’s Note: CryptoSlate analysis found no evidence of fraud; it appears to have simply been free markets operating without strict oversight. While it is possible Trump bets were coordinated from a single entity, that in itself is far from evidence of manipulation, simply a large whale of some form. ]
Coplan, however, noted that the election might have played out differently had the administration adopted a more business-friendly, pro-innovation approach. He wrote:
“The incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
Industry reaction
Prominent figures in the crypto sector have voiced their concerns, echoing Coplan’s views on the administration’s treatment of the industry.
Coinbase CEO Brian Armstrong criticized the raid on Coplan’s apartment in a now-deleted post, hinting at potential political motives. He later commented that such actions poorly reflect the government’s approach to new industries.
Similarly, Jesse Powell, Kraken’s co-founder, pointed out that the search warrant likely invoked a criminal statute that allows authorities to retain seized devices for up to five years without charges.
Powell described this as an “insanely abusive” practice in today’s digital landscape, where authorities “claim any device might hold evidence of a crime, so they take everything.” He further suggested that Coplan might remain uninformed about the investigation’s full extent or potential additional surveillance orders.
Meanwhile, Blockchain Association CEO Kristin Smith called Polymarket an innovative application that enables real-time event betting on a transparent blockchain. She emphasized the importance of supporting such innovation domestically, warning that heavy-handed actions like raids could drive developers and startups away from the US.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Polymarket
Polymarket is a decentralized prediction market platform that enables users to bet on world events using cryptocurrency.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Jesse Powell is an expert in virtual currencies, online/international payments and fraud, as well as co-founder and former CEO of Kraken, one of the most trusted and largest Bitcoin exchanges in the world with number one EUR market share.
Shayne Coplan is an entrepreneur and innovator in the blockchain and decentralized finance (DeFi) space.