Following the introduction of a revised Clarity Act by US lawmakers, including Senator Cynthia Lummis, Indian Gaming Association (IGA) Chairman David Bean spoke out against the legislation, believing the text falls short of addressing Tribal concerns.
“We’d like to make it absolutely clear that Indian Country is opposed to this new version of the Clarity Act. While we appreciate that Senator Lummis has acknowledged the legitimate concerns raised by Tribal Nations, the proposed changes in the text released yesterday do not address the concerns of Indian Country,” Chairman Bean said.
“If the Senator would have consulted with Indian gaming before issuing this draft, we would have told her that the proposed decentralized finance ‘fix’ does not sufficiently address our concerns.”
Chairman Bean went on to state that the revised Clarity Act “does nothing to rein in” the Commodity Futures Trading Commission (CFTC), and would instead mark the “largest expansion of CFTC authority since the 2010 Dodd-Frank bill.”
The new Clarity Act seeks to legalize most cryptocurrency activity in the US and develop rules for trading protocols, as well as establish a federal digital-asset market framework and clarify regulatory responsibilities.
The IGA Chairman continued: “This expansion comes at a time when the CFTC is blatantly violating Tribal and state laws, its own regulations and the clear intent of Congress by allowing gaming to occur on platforms such as Kalshi and Polymarket.
“Until text is added to expressly provide that state, Tribal gaming laws and the Indian Gaming Regulatory Act are not preempted by federal commodities law, and that DCMs are not permitted to list contracts on sports betting or casino games, Indian Country will continue to urge members to vote against the Clarity Act and view its enactment as the greatest threat to Tribal Sovereignty in a generation.”
The US Senate chose to postpone its vote on the Clarity Act until lawmakers return from an August recess in mid-September, while Chairman Bean and organizations such as the American Gaming Association have been urging lawmakers to consider amendments since May.
Chairman Bean testified before a US House Agricultural Subcommittee in Washington DC during July, where he discussed “significant concerns” prediction markets could pose for Tribal gaming.
The NIGC reported the industry’s fiscal year 2025 revenue on July 21, as 545 operations across 29 US states combined to generate a record-high $46.2bn, equating to an increase of 5.3%
