Gambling industry groups want the US Senate to step in to clarify that the Commodity Futures Trading Commission does not have the authority to oversee prediction markets.<\/p>\n
Several national gaming and tribal organizations and labor groups have reportedly called on the US Senate to add language \u201cthat explicitly prohibits event contracts tied to sports and casino-style gaming\u201d in the Digital Asset Market Clarity (CLARITY) Act.<\/p>\n
According to a Wednesday Semafor report, groups tied to sports betting, including the Indian Gaming Association and American Gaming Association have united against what they called gambling on prediction markets. They requested that the US Congress use the CLARITY Act now under consideration in the Senate to affirm that \u201csports betting falls outside the [Commodity Futures Trading Commission\u2019s] remit and cannot be offered through prediction market platforms.\u201d<\/p>\n
\u201cWhile our organizations may differ on other issues, including gambling policy, we are united in our concern that prediction markets have fueled the largest expansion of gambling in US history over the past 18 months \u2014 without voter approval or legislative authorization,\u201d said the letter.<\/p>\n