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CoinWorld News reports that Polymarket has launched the new event: “Will Trump rename the Strait of Hormuz to ‘Trump Strait’ before May 31?” The probability of “Yes” is currently set at 6%, with a decrease of 31% over the past 24 hours. The current betting funds for this event exceed $47,000. The contract rules for this event are: If Trump publicly announces that the United States will officially refer to the Strait of Hormuz as “Trump Strait,” “Trump Strait,” or any equivalent name containing “Trump” before 11:59 PM Eastern Time in the U.S. on May 31, 2026, the market will decide in favor of “Yes.” Otherwise, the market will ultimately settle as “No.” The primary resolution for this market will be based on Donald Trump’s official information, but consensus based on credible reporting may also be used.