Comment Text:
Dear Chairman and Commissioners,
My name is Jameson Brull, and I'm a trader and investor based in Texas. I'm writing to express my strong support for the proportionate regulation of prediction markets in response to the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I've been actively trading on platforms like Kalshi and Polymarket for a while now, and I believe these markets provide real value, both to me personally and to society at large. I want to share my perspective as someone who participates in these markets and cares deeply about the freedom to engage in legal, regulated trading.
I rely on prediction markets to make informed decisions about events that impact my investments and personal finances. Whether it's an election outcome that could shift tax policies or a Federal Reserve decision that might affect interest rates, these markets give me access to aggregated information that's often more accurate than polls or pundits. I put time and research into my trades, just like I do with stocks or commodities. This isn't gambling to me; it's a serious tool for understanding the world and managing risk.
One of my biggest concerns is ensuring that regulated markets, like Kalshi, remain accessible to people like me. These platforms operate under CFTC oversight, which provides transparency and accountability. I've also used offshore platforms like Polymarket, and I can tell you firsthand that unregulated markets are far riskier. There's no recourse if something goes wrong, and the lack of oversight can invite bad actors. If the CFTC over-restricts or bans prediction markets, it won't stop trading; it will just push people like me to less safe, offshore alternatives. I urge you to focus on strengthening regulated markets instead of driving activity underground.
I also believe informed trading is a net positive, addressing some of the questions raised in the ANPR, particularly in Topic E around inside information (Questions 29-32). When knowledgeable traders participate, it improves price discovery for everyone. Yes, insider trading is a concern, but it's already illegal, and the CFTC has tools to enforce against it. Shutting down entire markets to stop a few bad actors makes no sense to me. It's like closing the stock market because of a few insider trades. Focus on enforcement, not prohibition.
Prediction markets are a powerful tool for democratizing information and allowing regular folks to hedge against uncertainty. I'm asking the CFTC to support well-regulated markets that let people like me participate safely. Please don't impose overly restrictive rules or categorical bans that would harm legitimate traders and push activity to unregulated spaces. Instead, craft targeted regulations that address specific risks while preserving the benefits of these markets.
Thank you for considering my input.
Sincerely,
Jameson Brull
