Comment Text:
Dear Chairman and Commissioners,
My name is Joe Dripler, and I'm just an everyday citizen from Maryland writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've been actively trading on platforms like Kalshi for a while now, and I feel strongly about having the freedom to participate in legal, regulated markets like these. I appreciate the chance to weigh in on how the CFTC should approach this.
I support well-regulated prediction markets because they give people like me a way to engage with information and events that affect our lives. These markets aren't just for big institutions or Wall Street types. They let regular folks have a stake in understanding what's happening, whether it's an election, a policy change, or an economic shift. I think that's valuable, not something to restrict. Plus, the data and predictions that come out of these markets are often more accurate than polls or talking heads on TV. That benefits everyone, not just traders.
I also believe the US should be a leader in financial innovation. If we over-regulate or ban prediction markets, we're just pushing this activity to other countries or unregulated offshore platforms where there's no oversight. That doesn't protect anyone. It just means we lose control and miss out on the benefits of being at the forefront of new ideas. I'm particularly drawn to the questions in the ANPR under Topic B, like Question 7 on balancing innovation and consumer protection. I think the CFTC can find a middle ground by setting clear rules without shutting down access for everyday people like me.
Now, I have to be honest. My experience with Kalshi hasn't been all positive. Trading became an addiction for me, and it cost me dearly. My wife left me and took the kids because I couldn't step away from it. I'm not proud of that, and I know there are risks to these markets. But I don't think the answer is to ban them. My personal failings shouldn't punish everyone else who uses these platforms responsibly. The CFTC already has tools to fight manipulation and other abuses, as discussed in Topic A, like Question 1 on preventing market manipulation. Use those tools, but don't take away the freedom to participate.
I'm asking you to support proportionate regulation of prediction markets. Set strong, fair rules to protect consumers and ensure integrity, but don't ban or overly restrict these markets. Keep the US as a leader in innovation, and let people like me have access to regulated platforms where we can engage with the world around us.
Thank you for considering my input.
Sincerely,
Joe Dripler
