Comment Text:
Dear Chairman and Commissioners,
My name is Bryan Alvanez, and I'm just an everyday citizen from California writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. Im not a lawyer or a financial expert, just someone who has been actively trading on regulated prediction markets like Kalshi for a while now. I strongly support the idea of well-regulated prediction markets and want to explain why I think the CFTC should focus on sensible rules rather than bans or heavy restrictions.
I value the freedom to participate in legal, regulated markets like Kalshi. These platforms let regular people like me engage with real-world events in a way that feels meaningful. Ive used prediction markets to make small trades on things like election outcomes or economic data releases, not because Im gambling, but because Im trying to understand the world better and protect myself from uncertainty. Its a tool for me, not a game. And honestly, having access to a regulated space where I can do this feels a lot safer than the alternative.
That brings me to a big concern. If the CFTC over-restricts or bans prediction markets, I worry itll push people like me to unregulated offshore platforms. Ive seen those sites out there, and they dont have the oversight or protections that a CFTC-registered market like Kalshi offers. Regulated markets keep things transparent, with rules in place to protect users. If you make it too hard to trade legally here in the US, activity will just move to shadier corners of the internet where theres no accountability. Thats not good for anyone.
I also want to address something I know the CFTC is worried about, like manipulation or insider trading, which I see in some of your questions, especially numbers 29 to 32 in the ANPR. I get why thats a concern, but I believe the CFTC already has strong tools to tackle these issues. Youve got laws and enforcement powers to go after bad actors in other markets, and those can work here too. Banning or over-restricting prediction markets to stop a few cheaters feels like punishing everyone else whos playing by the rules. Id rather see targeted enforcement than broad prohibitions.
At the end of the day, Im asking the CFTC to support proportionate regulation of prediction markets. Keep platforms like Kalshi operating under clear, fair rules. Dont let heavy restrictions or outright bans drive people like me to unsafe, offshore alternatives. I think you can strike a balance that protects consumers while letting regular folks participate in these useful markets. Thanks for taking the time to read my comments.
Sincerely,
Bryan Alvanez
