Comment Text:
Dear Chairman and Commissioners,
My name is Robert Webber, and I'm a healthcare professional based in California. I'm writing to express my support for the proportionate regulation of prediction markets as outlined in the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). While I'm relatively new to these markets, I've come to see their potential value, not just for individuals like me but for society as a whole, and I want to share my perspective on why the CFTC should support their growth under a sensible regulatory framework.
As someone working in healthcare, I'm constantly navigating uncertainties, from policy changes that impact my practice to economic shifts that affect my personal finances. Prediction markets offer a unique tool to hedge against some of these risks. For instance, being able to trade on the outcome of a federal healthcare policy or an economic indicator that influences my costs could help me plan better. Beyond that, I believe these markets provide better information for public decision-making. The price signals they generate often seem more reliable than polls or expert opinions, and that kind of clarity could benefit everyone, from policymakers to regular citizens trying to make sense of complex issues.
I'm also concerned about U.S. competitiveness. We should be leading the way in financial innovation, not letting other countries take the reins. If we over-restrict prediction markets here, we risk pushing activity to unregulated offshore platforms where there's no consumer protection at all. I've read about platforms like Kalshi, which operate under CFTC oversight, and I think regulated markets are far safer for participants. We need to keep this activity within a framework where rules are enforced and bad actors can be held accountable.
On the topic of informed trading, I believe it actually helps price discovery, as raised in Questions 29-31 of the ANPR. When people with real knowledge trade, the market prices become more accurate, and that benefits everyone, not just the traders. Of course, insider trading by federal officials or others with nonpublic information is a concern, but existing laws already address this. The CFTC should focus on enforcing those rules rather than limiting the markets themselves.
I understand there are risks, like manipulation or misuse, but banning or overly restricting prediction markets isn't the answer. Instead, I urge the CFTC to develop targeted regulations that address specific concerns while allowing these markets to grow. Let's keep the U.S. at the forefront of innovation and ensure participants have access to safe, regulated platforms.
Thank you for considering my input. I strongly support a balanced approach to regulating prediction markets.
Sincerely,
Robert Webber
