| ▲ | NPR finds "no sign" of Polymarket at its Panama HQ address(npr.org) |
| 155 points by ilamont 3 hours ago | 69 comments |
| |
|
| ▲ | forshaper 2 hours ago | parent | next [-] |
| I don't get it. Most companies registered in the state I live in, for example, are not actually located here. They simply receive mail through their registered agent there. Why would this be news? |
| |
| ▲ | raddan 2 hours ago | parent | next [-] | | On the other hand, most of the companies registered in Delaware are not trying to dodge US federal regulations. Polymarket is prohibited from operating in the US market. Nevertheless they have a substantial customer base in the US, and the part left unsaid in the NPR story, is that they’re probably also headquartered in the US. Almost definitely a violation of either gambling or securities regulations. | | |
| ▲ | trollbridge an hour ago | parent | next [-] | | They are often trying to dodge their local state’s regulations, though. | | |
| ▲ | _--__--__ an hour ago | parent | next [-] | | Incorporating in Delaware was initially attractive because of usury laws that matter to a small number of business sectors. The charitable take is that most corporations want to comply with a state's regulations because unintentional compliance violations are painful and expensive, and it is relatively easy to be confident that you are compliant as a Delaware corp. | | |
| ▲ | eichin 17 minutes ago | parent [-] | | When I last did it, there were two wins for a tech startup incorporating in delaware: * it's easy and well-documented - the main thing you have to remember is to check the boxes that say this is an actual company, and not a holding company for a boat (where the real tax dodging is) * it was reported to make acquisitions easier (as the company acquiring you would either also be a Delaware corp or it would be more straightforward even if they weren't.) | | |
| ▲ | kube-system 6 minutes ago | parent [-] | | Yes it is highly preferable for mergers/acquisitions/financing because the law is well established and widely known in those industries. If you run into some legal question somewhere down the line, investors and their lawyers will be much more comfortable with Delaware law than some other state who may not have clear language on the books and/or have never tested that particular situation in court before. |
|
| |
| ▲ | dhosek 24 minutes ago | parent | prev [-] | | When I had a C-corp in the 90s for a magazine I was publishing, my dad’s cousin insisted that I should incorporate in Delaware or Nevada. The thing is that because I was operating in California, especially at the small scale that I operated, it did nothing for me at all really. I would still pay California taxes and be subject to California regulations. Mostly it would make a difference if I were sued. (Obligatory disclaimer that these are ~30-year-old memories of some dumb 20-something’s understanding of the law at the time.) |
| |
| ▲ | mywacaday 43 minutes ago | parent | prev | next [-] | | I used to work for a large financial services company who bought 4 storey office block and fitted it out with very small but with own door individual offices that had internet and a connected desk phone so that companies could rent them and say they had more than a box office address in that European capital, I never found out what the rent was. | |
| ▲ | pear01 an hour ago | parent | prev [-] | | Polymarket is already working on a full return to the US market aided by sympathetic policy changes of the current administration. Additionally, the claim "most of the companies registered in Delaware are not trying to dodge US federal regulations" strikes me as dubious. Every company seeks to lower its regulatory burden. If they're not finding loopholes, then often they're the ones writing the regulations and funding congressional campaigns. I'm not sure the claim Polymarket is unique re its relationship to the government in this respect is credible. They seem to be working quite intimately with the current administration on returning from their Biden era "ban". | | |
| ▲ | raddan 7 minutes ago | parent | next [-] | | There’s dodging and then there’s _dodging_. If you are operating in a legal gray area, that’s an unsavory business practice that is, as you say, widespread. Then there’s operating illegally in full view of everybody. I do not personally ascribe to the idea that a thing is OK just because one is not currently being prosecuted. Polymarket (and Kalshi) is bad for the country, their claims to the contrary are highly dubious, and it’s a case where not only are they actually in the wrong, they are quite specifically legally wrong. | |
| ▲ | fsckboy 5 minutes ago | parent | prev [-] | | >the claim "most of the companies registered in Delaware are not trying to dodge US federal regulations" strikes me as dubious huh? you aren't making a coherent argument. registering in any US state you are still subject to the same federal regulations, Delaware is not different, it offers no shelter from federal regulations. in fact, if it is not your primary state of operation, then it subjects you to federal regulations for interstate commerce where you might not otherwise be. |
|
| |
| ▲ | Extropy_ 2 hours ago | parent | prev | next [-] | | They acknowledge this in the article as well, surprisingly enough. > Corporate law experts say while there is nothing illegal about housing a business inside a shell company, the practice is often a strategic move to protect a firm's wealth or shield it against lawsuits and action from government regulators. What is the thought process of someone writing this? Does this article have any meaningful or critical thought behind it? | | |
| ▲ | janalsncm 2 hours ago | parent | next [-] | | It isn’t newsworthy for people who believe the laws around corporate transparency and accountability are good enough. Many people do not, which is why it is noteworthy, even if it is standard. | |
| ▲ | horacemorace an hour ago | parent | prev | next [-] | | They’re avoiding editorializing. PBS news has the same dry “facts only” flavor. Legitimate reporting takes the high road; corpo-media too often take the low road.
Unfortunately human information consumers tend to gravitate toward sources of maximum opinion. | |
| ▲ | Exoristos an hour ago | parent | prev | next [-] | | They're doing their part in keeping a spotlight on Polymarket. The content of the article is not irrelevant, but it is less important than the existence of the article. | |
| ▲ | forshaper 2 hours ago | parent | prev [-] | | I guess we're scratching our heads, and even we clicked. |
| |
| ▲ | creatonez 2 hours ago | parent | prev | next [-] | | It is indeed already normal for rich people to do things that are sketchy as hell. Maybe let's make it not normal? | | |
| ▲ | tt24 an hour ago | parent | next [-] | | Registered agents are sketchy now? | | |
| ▲ | creatonez an hour ago | parent [-] | | If the only shell(s) for a business are in a completely different jurisdiction with no connection whatsoever to any of the humans involved in operating the organization... yes. It's an outrageous way to escape the force of the law that has been rubber stamped by corrupt politicians. | | |
| ▲ | kube-system a minute ago | parent [-] | | It is exceeding common for US companies to incorporate without a presence in Delaware for the exact opposite reason of dodging the law. It is done to make legal compliance easier and more streamlined. |
|
| |
| ▲ | JuniperMesos an hour ago | parent | prev [-] | | I really don't trust your definition of sketchy as hell and don't want it to have legal or normative force. | | |
| ▲ | creatonez an hour ago | parent | next [-] | | For-profit companies jurisdiction shopping without any physical presence is so clearly sketchy that it's wild anyone could see it otherwise. I can't imagine a normal person not being shocked in disbelief when they first learn about the concept of tax havens. | |
| ▲ | otterley an hour ago | parent | prev [-] | | You haven't heard their definition yet. |
|
| |
| ▲ | alpb 33 minutes ago | parent | prev | next [-] | | this is a good explainer video that talks about why Polymarket maintains a Panama HQ instead of a US one and why it has two different sites (.us vs .com). https://www.youtube.com/watch?v=seNwZhK4UdA | |
| ▲ | Carioca 2 hours ago | parent | prev | next [-] | | > Why would this be news? Mostly because international litigation is, let's say, fraught issues (as in "good luck!") | | | |
| ▲ | JuniperMesos an hour ago | parent | prev [-] | | Because NPR dislikes polymarket and thinks that reporting this will discredit them. | | |
| ▲ | shermantanktop an hour ago | parent | next [-] | | If the facts themselves discredit Polymarket, NPR doesn't have to like or dislike them. Polymarket made itself newsworthy, it can't complain if someone looks at them closely. | |
| ▲ | micromacrofoot 19 minutes ago | parent | prev | next [-] | | is it not true? from my perspective they're just stating a fact that some people may not be aware of (registering a business in a location it doesn't physically exist in) | |
| ▲ | NuclearPM an hour ago | parent | prev [-] | | It does. |
|
|
|
| ▲ | dweez 2 hours ago | parent | prev | next [-] |
| If you follow Apple's official address to a lawyer's office in Delaware, don't be surprised that Tim Cook isn't there to greet you. |
| |
| ▲ | kibwen an hour ago | parent | next [-] | | Apple is registered in California, as both their website ( https://investor.apple.com/faq/default.aspx ) and their most recent form 8-K ( https://d18rn0p25nwr6d.cloudfront.net/CIK-0000320193/beb2c24... ) confirm. | | | |
| ▲ | trollbridge an hour ago | parent | prev | next [-] | | Indeed, their registered agent address is 1209 North Orange Street in Wilmington. | | |
| ▲ | quietsegfault 43 minutes ago | parent [-] | | So what? A registered agent is literally the agent registered to accept process service. The registered agent is clearly not the corporate headquarters, a branch office, or anything other than a business whose purpose is to accept lawsuits, subpoenas, and other legal and official notices. |
| |
| ▲ | EA-3167 an hour ago | parent | prev | next [-] | | For what it's worth the only "official address" I could find was Apple Park in Cupertino. | |
| ▲ | ares623 an hour ago | parent | prev [-] | | It's an interesting "problem". The cities we have now exist because businesses and people want to be located in the same geographical area to maximize, well, doing business. Now the opposite is happening. Businesses have no incentive being located in the same physical area they do business in. In fact, they have opposite incentives. The closer they are to their customers and workers, the less they can do things with impunity. |
|
|
| ▲ | NooneAtAll3 2 hours ago | parent | prev | next [-] |
| to be fair, empty non-existing official office is nothing new. iirc, Delaware has a warehouse that's official residence of hundreds of corporations (for tax reasons) I don't understand the rest of the article, tho... It complains that company that (officially) left the US market and already blocks US ips from participating... isn't doing enough? Officially there's no ground to demand more If you really want to solve the problem - start hunting down unofficial means. Investigate influencers that started mentioning Polymarket out of the blue. Look into news outlets that decided to start mentioning polymarket as supposed proxy of popular opinion. Start advertizing campaigns against gambling addiction the same way as against smoking |
|
| ▲ | ThomW 2 hours ago | parent | prev | next [-] |
| Why are Americans allowed to invest in a business that would be illegal if based in the US? Why can they be patrons? Idgi |
| |
| ▲ | kube-system 20 minutes ago | parent | next [-] | | Breaking the law doesn’t follow the transitive property. Many businesses that people interact with have done illegal things. You typically can do business with someone as long as you aren’t breaking the law in doing so. | |
| ▲ | kristopolous 11 minutes ago | parent | prev [-] | | Most of the things you buy are manufactured under conditions that aren't legal in the US as well. It doesn't make it acceptable, just endemic |
|
|
| ▲ | xiphias2 2 hours ago | parent | prev | next [-] |
| There's an easy way for polymarket to have a nice office in a nice city in USA: legalize it there and have nice enough regulations and incentives for it to move there. It would help a lot actually for protecting people's money instead of driving it offshore. But it doesn't look like making USA compete in this $15B market is NPR's goal with this article. |
| |
| ▲ | BowBun an hour ago | parent | next [-] | | Good on NPR. These markets are a cancer on society and should be outlawed further. | | |
| ▲ | alchemist1e9 an hour ago | parent | next [-] | | Does anyone have a good source that details these negative effects? I’m not doubting they exist, I mean gambling in general has many negative externalities, but I’m just interested in identifying the cancer aspects more specifically. | | |
| ▲ | shermantanktop 41 minutes ago | parent | next [-] | | Would you go to a cancer doctor if you knew they were betting on Polymarket as to whether you would do well in your cancer treatment? Polymarket appears to have people who have both the ability to shape outcomes and anonymously profit on those outcomes. | |
| ▲ | kjkjadksj 33 minutes ago | parent | prev [-] | | Theres evidence to suggest people in government are using it to front run actions on iran for profit for example. Is this useful to the public to have their lawmakers engage in side bets and dare I even say, game fixing as we see in sports but in the real world with bombs and deaths? |
| |
| ▲ | sophrosyne42 an hour ago | parent | prev [-] | | I have yet to see an argument against them that isn't more than personal disgust | | |
| |
| ▲ | soraminazuki 42 minutes ago | parent | prev | next [-] | | While you're at it, let's legalize pig butchering scams too. "It would help a lot actually for protecting people's money instead of driving it offshore.
But it doesn't look like making USA compete in this $75B market is NPR's goal with this article." | |
| ▲ | guizadillas an hour ago | parent | prev [-] | | why would they do that if the whole business depends on not having regulations? | | |
| ▲ | sophrosyne42 an hour ago | parent [-] | | Which regulations in particular? All businesses rely on governments not choking them into nonexistence by having regulations that harm that business. Regulations are not an amorphus blob. There are other regulations that would also benefit a business to enable its existence, but we would not say (or should not say) that "the whole business relies on having regulations," because that is being intentionally vague about what the regulations in question actually are. The way you phrase it almost implied there is inherently something dangerous or suspect about something that is universal about how regulations can effect businesses. |
|
|
|
| ▲ | hx8 2 hours ago | parent | prev | next [-] |
| I'm sure this is true for thousands and thousands of companies. |
| |
| ▲ | EA-3167 an hour ago | parent [-] | | Maybe that should be discouraged? Even if you don't think so, most companies aren't de facto attempts to skirt gambling regulations while also incentivizing corruption and fraud in everyday life. |
|
|
| ▲ | ChrisMarshallNY 2 hours ago | parent | prev | next [-] |
| So Polymarket is a Web3 outfit? |
| |
| ▲ | londons_explore an hour ago | parent | next [-] | | It might as well be a regular website. The crypto bit adds nothing since 99.9% of users just use the webUI. | |
| ▲ | jcgrillo 2 hours ago | parent | prev [-] | | "Court filings show the law office also did work for FTX" If the shoe fits.. |
|
|
| ▲ | exogeny 30 minutes ago | parent | prev | next [-] |
| Polymarket is based in NYC, in Soho, on Crosby Street. Knock yourself out if you want to go find anyone there. |
|
| ▲ | tick_tock_tick an hour ago | parent | prev | next [-] |
| What happened to the quality of NPR over the last dozen or so years it's just gotten worse and worse. |
| |
| ▲ | lokar an hour ago | parent | next [-] | | Can you explain what you did not like in the story? | |
| ▲ | dyauspitr an hour ago | parent | prev [-] | | It’s gotten better and more in depth and grounded in my opinion. |
|
|
| ▲ | nullc 6 minutes ago | parent | prev | next [-] |
| Whois on npr.org just returns markmonitor.com... some how I don't think I'll find the author of this piece if I visit markmonitor's mailing address. Any bets on if we'll find the author of this piece at NPR's agent address
1156 15TH STREET NW, Suite 605, Washington, DC, 20005, USA -- CSC REGISTERED AGENT SERVICES. Perhaps I should fly there and post an article about not finding them, and post a couple pictures! Oh wait, I don't own a massive media outlet---- must be why I didn't know that its not interesting to fail to find companies at their registered agent addresses. What's NPR's excuse? |
|
| ▲ | otterley an hour ago | parent | prev | next [-] |
| I'm shocked--shocked--that a company with the integrity and upright moral character of Polymarket would have their registered agent located in Panama. https://en.wikipedia.org/wiki/Panama_Papers#Illegal_activiti... https://www.theguardian.com/news/2016/apr/03/the-panama-pape... (Wow. It's only been 10 years since the leak occurred? How time flies.) |
|
| ▲ | skywhopper 2 hours ago | parent | prev | next [-] |
| Polymarket engages in scammy behavior?? Wait, isn’t that their entire business model? |
| |
| ▲ | EdwardDiego 2 hours ago | parent [-] | | The part where all their legal troubles went away when one of the President's sons became an "advisor" says "yes". | | |
| ▲ | raddan an hour ago | parent [-] | | I don’t know why you were modded down because this is mostly true. They are still prohibited from operating in the US but it appears that regulators have no appetite to enforce the law. |
|
|
|
| ▲ | gordian-mind 2 hours ago | parent | prev | next [-] |
| "the wildly popular prediction market site that has flourished in President Trump's second term." The only purpose I could see for this intro is to prime the reader negatively before any argument. |
|
| ▲ | NDlurker an hour ago | parent | prev | next [-] |
| Water is wet |
|
| ▲ | dayyan 25 minutes ago | parent | prev [-] |
| "NPR finds 'no sign' of Polymarket's office; sources say the reporting team was 'deeply unsettled' to find a company operating without a mandatory 40-minute 'Land Acknowledgment' in the lobby." |