00:00And the American Gaming Association, very quick to note that they want to make people understand that they do not believe in the idea that the prediction markets are the same as the sports betting operators.
00:13And so these event contracts, they've made clear, hey, you know, either they get regulated, we're not going to support them.
00:20What do you make of the American Gaming Association here?
00:22And quite frankly, Dustin, I know you have a contact with them before.
00:25You know, with them sort of, I mean, I don't know how to put it, but with some of these companies, the bigger ones, the sports betting operators, FanDuel and DraftKings leaving, it sort of feels like it means more to them to be able to make money than it is to be with the AGA, which I know that can't sit very well with them.
00:42Yeah, it's weird.
00:43And yeah, a lot of the battle on the legal front and the legislative front has been at the state level so far.
00:48And like just in like the past few days, we've seen all this activity in Congress, which I think is super interesting.
00:53We see, yes, the American Gaming Association and the Tribal Gaming Group get together, send a letter to a bunch of Congress people saying, hey, you're doing this crypto market structure deal, which does relate to prediction markets and the Commodity Futures Trading Commission, which oversees all this stuff.
01:09So they're going to be lobbying to have a ban on sports event contracts via prediction markets via this bill.
01:16I think that has somewhat of a chance.
01:18It's certainly not 100%.
01:19It's certainly not zero, maybe not a coin flip, but there's a chance that happens.
01:23That's super interesting.
01:24We saw 12 Democratic senators get together, send a letter to the CFTC just yesterday.
01:30No Republicans in there, so that's meaningful.
01:32But there's a lot of noise around this.
01:34And then this morning, the trade group that represents Calci and some of the other companies that are in prediction markets, not Polymarket notably,
01:42they announced that they hired two former members of Congress to help them lobby at the federal level about all this stuff.
01:48And this, again, this all happened in like two days.
01:50This is like this is a lot of a lot of smoke in a couple of days around all of this.
01:54So, you know, we're going to see like a battle here in the very short term about whether this is going to survive in at the federal level and through Congress.
02:03Again, pricing that like will that actually happen?
02:06I don't know.
02:06But there's going to be a real effort to add this into this bill that's being considered.
02:11As you and I know, Congress doesn't pass a whole lot of bills.
02:13They're going to almost have to pass this bill.
02:15It's whether something could possibly get added with enough Democratic support, with enough lobbying from the AGA and the tribal groups,
02:21and whether that pushback from the prediction markets trade group will be enough to stop it.
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