Today in crypto, Polymarket is reportedly set for a $200 million raise that would value it at $1 billion, New York City mayor Eric Adams criticized former New York Governor Andrew Cuomo for harming the state’s crypto industry, Japan proposed classifying crypto as financial products, potentially allowing for exchange-traded funds (ETFs) and a flat 20% capital gains tax.
Polymarket to raise $200 million at $1 billion valuation
Blockchain prediction market platform Polymarket is finalizing a $200 million raise that would value the company at approximately $1 billion, according to reports by Reuters and Bloomberg, citing people familiar with the matter.
Billionaire entrepreneur Peter Thiel’s Founders Fund is set to lead Polymarket’s funding round, which would give the company “unicorn” status despite its ban in the US. The platform had reportedly previously raised over $100 million, including an undisclosed $50 million investment earlier in 2025.
Polymarket saw explosive growth during the US elections last year, with its trading volumes topping $2.5 billion in November as bettors wagered on the outcome of the presidential and Congressional elections.
The platform allows bets on a wide range of topics, including election outcomes and sports results, as well as unusual scenarios like “Will the US confirm that aliens exist in 2025?” and “Will Jesus Christ return in 2025?”
New York mayor says former Governor Cuomo “destroyed” crypto industry
New York City Mayor Eric Adams lashed out against former Governor Andrew Cuomo for his “misguided” approach to regulating cryptocurrencies in the state.
Speaking at the Permissionless conference on Tuesday, Adams said New York state “dismantled and destroyed” the crypto industry under Cuomo’s leadership, which spanned from 2011 until his resignation in 2021.
Cuomo is now running for mayor of New York City, with primaries scheduled this week ahead of the mayoral election on Nov. 4.
Adams has emerged as an advocate for pro-crypto policies in the state, vowing to “build out the pipeline” to allow city services to be paid via digital assets. When he was elected mayor, he accepted his first three paychecks in Bitcoin (BTC) and Ether (ETH).
Earlier this year, Adams’ push for Bitcoin-backed bonds was rejected by Comptroller Brad Lander, who called the plan “legally dubious and fiscally irresponsible.”
Japan proposes reclassifying crypto, paving way for ETFs and lower taxes
Japan’s FSA proposed a sweeping reclassification of cryptocurrencies that would clear a path for the launch of crypto exchange-traded funds (ETFs) and introduce a flat 20% tax on digital asset income.
The proposal, introduced on Tuesday, suggests recognizing crypto as “financial products” under the scope of the Financial Instruments and Exchange Act (FIEA), the same regulatory framework that governs securities and traditional financial products.
The proposed reclassification could also shift Japan’s current progressive tax system, which taxes crypto gains at rates up to 55%, to a uniform 20%, mirroring the treatment of stocks. That change could make crypto investing more attractive to both retail and institutional players.
The proposed shift is part of the Japanese government’s broader “New Capitalism” strategy, which seeks to position the country as an investment-led economy.
The move comes amid increasing interest in crypto as a legitimate investment asset. According to the FSA, more than 12 million domestic crypto accounts were active as of January 2025, with assets held on platforms exceeding 5 trillion Japanese yen (about $34 billion).
In the proposal, the FAS also revealed that crypto ownership now surpasses participation in some traditional financial products, such as FX and corporate bonds, particularly among tech-savvy retail investors.
The proposal also responds to the surge in institutional engagement worldwide. The FSA cited data showing over 1,200 financial institutions, including US pension funds and Goldman Sachs, now hold US-listed spot Bitcoin ETFs.
Japanese regulators aim to support similar developments domestically, especially as global fund flows into crypto continue to expand.