It is being reported that Senator Cynthia Lummis (R-WY) is releasing an updated version of the Clarity Act in response to concerns raised by several groups including the gaming industry, credit unions, and decentralized finance.  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. 

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.  

Moreover, and more importantly, the bill does nothing to rein in the CFTC. Instead, the CLARITY Act represents the largest expansion of CFTC authority since the 2010 Dodd-Frank bill. 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 County 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.