Comment Text:
Dear Chairman and Commissioners,
My name is Filip Glowala, and I'm an everyday citizen from New York writing to share my concerns about the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've used prediction markets like Kalshi a few times, and while I believe in the freedom to participate in legal, regulated markets, I have serious issues with how these platforms operate and the direction they're taking.
Im worried that prediction markets are just gambling under a different name. They allow people to place bets on tragic global events like war or loss of life, which feels deeply wrong to me. Its not about forecasting or hedging; its about assigning financial value to things that should be off-limits. I see this as a step beyond traditional gambling sites, which are already harming the social and moral values of everyday folks. Platforms like Kalshi and Polymarket seem to exploit regulatory loopholes to generate wealth for a few while dodging the oversight that gambling operations face. To me, their marketing as prediction markets is misleading and meant to skirt federal and state laws.
Im also concerned about the impact on regular Americans. I believe these platforms indulge peoples worst impulses, drawing in gambling addicts or folks trying to get around new tax rules on gambling losses. I worry this will lead to more credit defaults, mortgage defaults, and personal bankruptcies across the country. From what Ive seen, the people making the most money on these platforms are likely engaging in insider trading, which only adds to the unfairness. This isnt a fair or useful market; its a system thats already worsening the financial situation of millions.
Addressing some of the questions in your ANPR, particularly in Topic Area E on inside information (Questions 29-32), I want to acknowledge that the CFTC already has robust tools to prevent manipulation and insider trading in other markets. My hope is that youll use those tools to crack down on platforms like Kalshi for failing to stop these abuses. I also urge you to look at Topic Area C on listed activities (Questions 15-22) and consider defining these event contracts as gaming, not legitimate markets, to ensure theyre regulated properly as gambling.
Im not against freedom to participate in markets, but this feels like a dangerous path. I ask the CFTC to regulate Kalshi and similar platforms for what they are: gambling operations. Please dont let clever branding obscure the harm theyre causing. Use your existing authority to protect everyday citizens from these risks and hold these platforms accountable.
Thank you for considering my input.
Sincerely,
Filip Glowala
