Caixin: Polymarket's use of USDC for settlement and delivery poses a significant legal risk to participants within China.

Caixin.com published an article titled "Financial Innovation or Insider Trading: The Rise and Controversy of Polymarkets," which points out that when insider information can be openly monetized, the boundaries of prediction markets have become blurred. This raises the question of whether it's "gambling" disguised as finance, or even insider trading. Regardless of the outcome of the legal debate over whether it's gambling or not, the fact that Polymarkets uses the USDC stablecoin for settlement and delivery poses a significant legal risk to participants within China. Previously, US Senators Merkley and Klobuchar introduced the "End Prediction Market Corruption Act," which would prohibit the president, vice president, and members of Congress from trading in prediction markets and require their spouses and dependent children to include prediction market trading activities in their annual financial disclosures.