Murkowski and Schatz press CFTC to consult tribes on prediction markets rule
Sen. Lisa Murkowski (R-AK) and Sen. Brian Schatz (D-HI) are urging the Commodity Futures Trading Commission to consult tribal governments and extend the comment period on a prediction markets rule. The Senate Committee on Indian Affairs leaders say the proposed rule raises consequential questions about event contracts involving gaming and sporting events. Tribal concerns center on potential encroachment on tribal gaming authority and sovereignty interests.
The senators' bid to slow the CFTC rule gives tribal gaming interests a window to organize formal opposition before the comment period closes. For the CFTC, any consultation would delay a rule already under pressure from Congress, state courts, and sports leagues. The tribal sovereignty angle adds a third front to Kalshi's existing fights in New York, Michigan, Wisconsin, and Washington.
A longer comment period means more time for state attorneys general to file copycat suits while the federal framework hangs in limbo. Polymarket faces identical exposure, since both platforms share CFTC registration and the same preemption vulnerabilities. The Schiff-Curtis push to ban sports event contracts nationally could leapfrog the rule entirely, making tribal input academic if Congress acts first. Operators must now budget for parallel delays at the federal level while still geofencing state by state.