In brief
- Polymarket has filed U.S. trademark applications for POLY and $POLY tied to digital token and crypto trading services.
- Executives previously confirmed plans to Decrypt for a POLY token and a possible airdrop focused on “true utility.”
- The move comes as Polymarket faces fresh legal challenges, with traders seeing low odds of a token launch before May.
Polymarket has filed trademark applications for “POLY” and “$POLY” with the U.S. Patent and Trademark Office, signaling concrete steps toward launching its long-anticipated native token, even as the prediction market faces mounting regulatory challenges.
The filings, submitted Thursday by Polymarket’s parent company Blockratize Inc., cover trademark protection for “cryptocurrency services, financial trading platforms, and blockchain-based payment systems.”
Both applications describe services for “providing a digital currency or digital token for use by members of an on-line community via a global computer network” and list cryptocurrency trading, financial exchange services, and portfolio management among their intended uses.
Polymarket’s token plans
The trademark applications offer the first formal public paper trail tied to Polymarket’s token plans.
Polymarket CMO Matthew Modabber confirmed plans for a POLY token and airdrop in October, telling Degenz Live, a show from Decrypt’s sister company, Rug Radio, that the company wants the token to have “true utility” and “longevity.”
CEO Shayne Coplan teased the token in October by tweeting a “POLY” ticker alongside Bitcoin, Ethereum, Solana, and BNB.
Sources familiar with the matter previously told Decrypt that Polymarket does not plan to launch its token until it has regained a foothold in the U.S. market.
The company moved closer to that goal in November, when it received CFTC approval to operate domestically, nearly four years after paying a $1.4 million fine and exiting the U.S. market.
On prediction market Myriad, owned by Decrypt’s parent company Dastan, users place just a 30% chance on Polymarket announcing its token before May.
Prediction markets face challenges
The trademark filings come at a critical juncture for Polymarket as it treads through U.S. market reentry while facing state-level legal challenges that threaten its core business model.
But the path forward has grown more complicated as, most recently, the Nevada state court issued a temporary restraining order blocking Polymarket from offering event-based contracts in the state, finding its activities likely violate Nevada gaming law.
The platform subsequently removed the case to federal court, claiming the state action conflicts with federal law, according to Daniel Wallach, founder and principal of Wallach Legal LLC, a law firm specializing in sports wagering and gaming law.
The trademark applications await examination by the USPTO. Polymarket did not immediately respond to requests for comment.
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