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“What you’re doing is wrong,” Commissioner Audrey Partridge told the cooperative during Thursday’s hearing, according to news reports. “I think you have lost your tether to the purpose of an electric utility.”
The decision follows a long-running battle over the multimillion-dollar solar project, which the Upper Sioux Community began developing in 2024 to curb electricity costs and advance its clean-energy goals.
In November 2024, Minnesota Valley issued the tribe a cease-and-desist order and threatened to disconnect Prairie’s Edge if the system was activated. The tribe countered that the utility’s generation restrictions did not apply because the system was designed solely to power its own property and would not feed electricity back onto the grid.
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The AGA declined to comment Thursday, and directed iGB to the June letter.
The failure to secure passage of the bill is a stinging defeat for both crypto-connected prediction operators and the CFTC, which has fully embraced the advance of digital assets under Chairman Michael Selig. Interest groups and political action committees had spent countless hours and millions of dollars lobbying for the legislation.
In statements, op-eds and media interviews since his appointment, Selig had pounded the table for a federal crypto framework. As the IGA’s Bean alluded to, the Clarity Act would have given the agency a number of new duties and authorities related to the new assets at a time when the commission’s existing workload has been cause for concern. There are typically five sitting CFTC commissioners at any given time, but Selig is currently the lone sitting commissioner with no other nominations submitted.
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While the Polymarket/Yahoo Finance situation is one of the earliest examples of a severed relationship between a prediction market operator and a media entity, that doesn’t mean those “divorces” will permeate the two industries.
There’s widespread belief that old guard media companies are incentivized to feature event contract data on their sites or reference it in select publications as a way of better connecting with younger readers and viewers.
Then there are the financial implications, namely new revenue streams. Prediction market operators typically pay media companies to integrate their data while some outlets also earn referral commissions for driving new business to yes/no exchanges.