Who should regulate prediction markets? Senators push Clarity Act changes

Senators have pushed to preserve state and tribal control over sports betting by seeking changes to the Clarity Act as Congress weighs federal crypto market legislation. Summary Tribal gaming leaders have urged Congress to clarify that sports prediction markets remain subject to state and tribal gaming laws. Senators discussed adding the proposed language to the Clarity Act or the Farm Bill during a Senate committee roundtable. The debate comes as the CFTC continues asserting authority over prediction markets while several states challenge that position in court. Prediction market platforms processed a record $50.59 billion in trading volume during July despite the ongoing regulatory dispute. During a Senate Indian Affairs Committee roundtable on Tuesday, Indian Gaming Association Vice Chairman Tehassi Hill argued that prediction markets tied to sports and casino events should remain subject to state and tribal gaming laws instead of falling under the exclusive oversight of the U.S. Commodity Futures Trading Commission. The discussion comes as the Senate works to advance the Clarity Act before lawmakers leave Washington for the August recess, with limited legislative time remaining...