Polymarket's return to the US market suffers setback: business stagnation and CEO accused of "nominal management."

Four years after leaving the U.S. market, Polymarket attempted to restructure its domestic operations by acquiring a U.S.-licensed derivatives and futures exchange and appointing Justin Hertzberg to head its U.S. business. However, recent developments indicate that Polymarket's U.S. operations are progressing slower than expected, with its market share significantly lagging behind its main competitor, Kalshi. It is understood that Justin Hertzberg is more of a "nominal CEO" within the company, primarily responsible for signing regulatory documents, with limited actual operational and expansion capabilities in the U.S. Overall, Polymarket's return to the U.S. market still faces dual challenges in terms of regulation and enforcement. (The Information)