Comment Text:
Dear Chairman and Commissioners,
My name is Andres Williams, and Im a healthcare professional from Texas. Im writing to express my support for the proportionate regulation of prediction markets in response to the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). Ive used prediction markets a few times myself, and I believe they offer unique value to people like me and to society as a whole. I appreciate the chance to share my thoughts on this issue.
As someone who works in healthcare, I often see how important accurate information is for making decisions, whether its about patient care or broader public health policies. Prediction markets have consistently provided forecasts on elections and public events that are more reliable than polls or pundits. Ive seen this firsthand when I checked platforms like Kalshi to get a sense of election outcomes that could affect healthcare policy. That kind of insight isnt just helpful for traders; its valuable for anyone trying to understand what might happen next. It helps me feel more informed about issues that impact my work and my community.
I also value the freedom to participate in legal, regulated markets. These platforms arent gambling, despite what some might say. They require research and judgment, much like investing in stocks. Event contracts serve real economic purposes, like price discovery and helping people hedge risks. Classifying them as gaming would be a mistake and could push activity to unregulated offshore sites, which are far less safe. Id much rather see the CFTC regulate markets like Kalshi properly, with consumer protection in mind, than see them banned or over-restricted, driving users to risky alternatives.
On that note, I believe the US should be a leader in financial innovation. We shouldnt cede this space to other countries by imposing heavy-handed rules. Im particularly drawn to the idea of proportionate regulation, which addresses specific risks like manipulation or insider trading without broad categorical bans. I noticed Question 7 in your ANPR asks about balancing innovation and consumer protection. My view is that targeted rules, using the CFTCs existing tools, can achieve that balance without stifling these markets. Question 15, on defining gaming versus legitimate markets, also hits home for me. These contracts arent games; theyre tools for better information and decision-making.
I understand there are concerns about manipulation or misuse, but banning entire markets isnt the answer. Punishing everyone for the actions of a few bad actors doesnt seem fair or effective. Instead, I urge the CFTC to focus on strong, targeted oversight that keeps prediction markets accessible and safe for regular people like me.
Thank you for considering my perspective. I strongly support the development of well-regulated prediction markets that prioritize consumer protection while fostering innovation and accurate forecasting.
Sincerely,
Andres Williams
