Comment Text:
Dear Chairman and Commissioners,
My name is Austin Switzer, and I'm a finance professional from California. I've been working in the financial sector for years, analyzing markets and trends, and I've come to see the unique value of prediction markets firsthand. I'm writing in response to the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516) to express my strong support for well-regulated prediction markets and to urge the CFTC to adopt a balanced approach that allows regular people like me to participate in these innovative platforms.
I've actively traded on regulated prediction markets like Kalshi, and I can tell you they offer insights you just can't get elsewhere. The forecasts on these platforms consistently outperform polls and pundits. I've seen this myself when trading on election outcomes or economic indicators, where the market's aggregated wisdom often cuts through the noise of biased reporting or flawed surveys. This isn't just useful for traders like me, it's valuable for society as a whole, giving everyone access to better information for decision-making.
I also care deeply about the freedom to participate in legal, regulated markets. As someone who understands financial systems, I know that regulated platforms like Kalshi are far safer than unregulated offshore alternatives. If the CFTC over-restricts or bans these markets, people won't just stop trading, they'll move to sketchy, offshore sites with no oversight. Thats a worse outcome for consumer protection. Regulation should keep us safe, not push activity into the shadows. I'm not saying there aren't risks, like potential manipulation or insider trading, but the CFTC already has tools to address those issues. Use them, don't punish the rest of us by shutting down legitimate markets.
Specifically, regarding Questions 7-14 on public interest, I believe the CFTC should prioritize innovation and access while addressing risks through targeted rules, not broad prohibitions. And on Questions 23-28 about procedural aspects, I urge you to make public interest determinations early and transparently, so platforms and traders like me aren't left in limbo.
Prediction markets aren't gambling, theyre a tool for understanding the world, and they work best when everyday people can participate. I ask the CFTC to support proportionate regulation that allows these markets to thrive while tackling specific risks with the authority you already have. Don't let a few bad actors spoil a system that benefits so many.
Thank you for considering my input.
Sincerely,
Austin Switzer
