Comment Text:
Dear Chairman and Commissioners,
My name is Ezekhial Vereen, and I'm just a regular guy from Texas trying to get ahead in life with what I've got. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I actively trade on platforms like Kalshi, and I believe these markets are valuable for folks like me. I want to see them regulated properly, not banned or overly restricted.
I've found prediction markets to be a game-changer. They give me information I can't find anywhere else. Honestly, their forecasts on elections and big public events beat polls and pundits hands down. That kind of insight helps me make better decisions, whether it's about my finances or just understanding what's coming down the pike. Plus, it's not just about me. Better information helps everyone, from regular citizens to policymakers. I think the CFTC should recognize this value when looking at questions like 7 and 8 on balancing innovation with public interest.
I also use these markets to hedge risks that hit close to home. With the economy so unpredictable, being able to trade on outcomes that affect my wallet, like interest rates or policy changes, gives me a bit of control. This isn't gambling. It's research and judgment, just like trading stocks. Calling event contracts "gaming" doesn't make sense when they serve real economic purposes like price discovery and hedging. I'd urge you to consider this in questions 15 and 16 about defining legitimate markets.
Another thing that worries me is pushing these markets offshore. Platforms like Kalshi, under CFTC oversight, are safe and transparent. If you over-restrict or ban them, people like me will just turn to unregulated foreign sites. That's riskier for everyone. Regulation should protect consumers, not drive us to sketchy alternatives. This ties into question 23 on procedural aspects of public interest determinations. Let's keep these markets here and safe.
I also believe the US should be a leader in financial innovation. Why let other countries take the lead on something this useful? I've read up on academic research showing how prediction markets improve information and transparency. We can't afford to fall behind. Questions 33 and 40 on classification and costs touch on this, and I think proportionate rules, not broad bans, are the way to go. Target the real risks like manipulation or insider trading with specific tools, not a sledgehammer.
I'm not saying there aren't concerns. I get that some folks worry about bad actors. But the CFTC already has ways to handle that. Use those tools. Don't punish regular people trying to make informed choices. Half measures won't cut it. Make the rules straight and fair.
I ask that you support well-regulated prediction markets with targeted, proportionate rules. Keep platforms like Kalshi accessible to everyday folks like me. Thanks for considering my view.
Sincerely,
Ezekhial Vereen
