Comment Text:
Dear Chairman and Commissioners,
My name is Jacob Myers, and I'm just a regular guy from Oregon whos taken an interest in prediction markets. Ive been trading on platforms like Kalshi for a while now, and Im writing to support the proportionate regulation of these markets in response to your Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I think these markets are valuable, and I want to share why I believe the CFTC should regulate them thoughtfully instead of banning or overly restricting them.
I got into prediction markets because they offer insights I cant find anywhere else. Whether its an election outcome or an economic indicator, the prices reflect what people really think, often more accurately than polls or pundits. As an everyday citizen, I appreciate having access to this kind of information, and trading on Kalshi has been a way for me to engage with events that affect my life. Its not gambling to me; its about research and making informed decisions, much like any other investment. Plus, Id love to see more options like player props for sports events, which could make these markets even more engaging for regular folks like me.
Im all for consumer protection, but I believe regulation, not restriction, is the way to go. Platforms like Kalshi, which operate under CFTC oversight, are far safer than unregulated offshore alternatives. If you ban or over-restrict prediction markets, youll just push people like me to those less safe venues where theres no accountability. Id rather trade in a transparent, regulated space where I know there are rules to protect me. On top of that, I think the US should be leading the charge in financial innovation. We shouldnt cede this space to other countries by making it too hard for legitimate platforms to operate here.
I also care about the academic side of this. Research shows prediction markets are great at aggregating information and improving forecasts. Id encourage the CFTC to consider this data when making decisions and to prioritize transparency in how these markets operate. Specifically, regarding your questions 7 through 14 on public interest, I believe the benefits of innovation and democratized access outweigh the risks if proper safeguards are in place. And on questions 23 through 28 about procedural aspects, I think the CFTC should focus on categorical rules that allow safe, regulated markets to thrive rather than overly scrutinizing every contract.
I understand there are concerns about manipulation or insider trading, but those are already illegal, and the CFTC has tools to address them. Dont punish everyone by shutting down something useful to many. I urge you to support well-regulated prediction markets that let regular people participate safely and keep the US at the forefront of innovation.
Thank you for considering my perspective.
Sincerely,
Jacob Myers
