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Congressman Collin Peterson’s long service to Minnesota deserves recognition, but his recent defense of prediction markets gives me deep concern (“Prediction markets: futures markets of the 21st century,” Strib Voices, Nov. 3). These platforms aren’t helping people manage risk. In Minnesota — and across Indian Country — they represent something else: a direct challenge to state and tribal sovereignty.
For decades, tribes have operated gaming responsibly and transparently under the framework of the Indian Gaming Regulatory Act and state-tribal compacts. These agreements uphold our sovereign right to regulate gaming within our lands and ensure that the benefits — creating jobs, funding education, supporting infrastructure — flow back to our communities.
Prediction markets like Kalshi and Polymarket are offering more than just “financial tools.” They are insufficiently regulated betting operations masquerading as investments. By claiming federal jurisdiction through the Commodities Futures Trading Commission, they bypass the very state and tribal regulatory systems that protect consumers.
Minnesota’s tribes take deep pride in running one of the most well-regulated gaming industries in the country. And they’ve earned the public’s trust through decades of responsible oversight. Allowing federally sanctioned wagering undermines that system and threatens the integrity of lawful gaming everywhere.
This isn’t innovation — it’s intrusion. Upholding tribal sovereignty and consumer protection must come before the interests of these operators seeking loopholes in the law. The CFTC should remember why Indian Gaming Regulatory Act was implemented: to ensure strong oversight, local control and respect for sovereign authority.
David Z. Bean, Washington, D.C.