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06/17 01:04

American Indian tribes want Kalshi and Polymarket

#World Cup Predictions: 100,000 USDT Daily #BTC Prophet: 20-Day 380 Million HTX Challenge #HTXCommunity4thAnniversary American Indian tribes want Kalshi and Polymarket off their land A coalition of American Indian tribes is seeking to block prediction market Kalshi and the Commodity Futures Trading Commission (CFTC) from undermining gaming laws on Indian land. The legal challenge is made up of a series of amicus briefs filed this month by the “Tribal Amici,” a legal body consisting of 30 federally recognized Indian tribes and 11 different Indian regulatory agencies. In an Amicus Brief — a brief that allows a third party outside the legal proceedings to offer their perspective on an ongoing case — filed on June 11, the Tribal Amici encouraged a court to deny Kalshi’s motion for preliminary injunction. Meanwhile, a June 15 filing supported the State of New York’s opposition to the CFTC’s motion for a preliminary injunction. In both cases, the tribal coalition claims that Kalshi and the CFTC’s actions would amount “to a sub silentio reversal of congressional policy and Supreme Court precedent” and “undermine existing tribal-state gaming compacts and regulatory frameworks.” It argues the legal action would “allow prediction markets to offer sports-betting contracts subject to their own private regulation — not state or tribal regulation — on state and tribal lands; permit prediction markets to divert gaming revenues away from tribal and state governments; and diminish tribal self-determination.” As such, tribes are seeking to maintain the freedom to regulate prediction markets like Kalshi, Polymarket, and the recently CFTC-approved Novig, when operating within American Indian jurisdictions.

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