U.S. senators and tribal gaming regulators are once again pushing to amend the CLEAR Act to clarify that prediction markets are governed by state and tribal laws, not the CFTC.
At a Senate Committee on Indian Affairs roundtable, Tehassi Hill, Vice Chairman of the National Indian Gaming Association, urged lawmakers to amend the CLEAR Act, a broad cryptocurrency legislation, to prevent "sports and casino gambling through prediction markets" and to clarify that these markets should be governed by state and tribal gaming laws, rather than the Commodity Futures Trading Commission (CFTC). Senator Tina Smith, a Democrat from Minnesota, also suggested that Congress could include similar provisions in either the CLEAR Act or the Farm Bill. Previously, CFTC Chairman Michael Selig has advocated for the agency's "exclusive jurisdiction" over emerging prediction markets, with the support of the Donald Trump administration. However, Senate Agriculture Committee Chairman John Boozman has opposed this, arguing that incorporating prediction market amendments into the CLEAR Act or the Farm Bill would complicate matters.
Source:The Block · Source Link
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