According to Cointelegraph: The decentralized betting platform Polymarket is facing criticism following a multi-million dollar bet on whether an Ethereum ETF would get approved by May 31. The platform declared a 'Yes' result following the U.S. Securities and Exchange Commission's (SEC) greenlight for the Ethereum ETF 19b-4 filings, leading to disagreements among users who bet against the approval.
Critics argue that full approval for an ETF involves both the sanction of the 19b-4 filing and the Form S-1, and assert that the latter has not yet happened. The controversy signals ambiguity around the term 'approval.' Some see the SEC's 19b-4 clearance as final, claiming Form S-1 approvals invariably follow. Meanwhile, dissatisfied parties contend ETFs cannot be deemed 'approved' without both forms' endorsement.
Representatives from Polymarket and UMA, the blockchain oracle platform overseeing information disputes on Polymarket, are yet to comment.
