Comment Text:
Dear Chairman and Commissioners,
My name is Ryan Mahandru, and I'm a 21-year-old resident of Illinois writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. As an everyday citizen who actively trades on platforms like Kalshi, I strongly support the proportionate regulation of prediction markets, and I want to explain why I believe theyre valuable to me and to society.
I got into prediction markets because they offer information and insights I can't find anywhere else. Whether it's an election outcome or a major public event, the prices on these platforms often predict results more accurately than polls or news pundits. That kind of data isn't just helpful for traders like me, its useful for everyone, from regular people making decisions to journalists covering stories. I believe informed trading actually improves price discovery, and that benefits all market participants by creating a clearer picture of whats likely to happen.
As a young man, I also value the freedom to participate in legal, regulated markets. These platforms let me engage with real-world events in a meaningful way, using research and judgment, much like investing in stocks. It's not gambling to me, it's a way to stay informed and have a stake in understanding the world. I worry, though, that without fair regulation, some prediction markets could be misused as loopholes for sports gambling. Ive seen how sports betting can pull in young men my age, sometimes leading to real harm. I think the CFTC should treat sports-related event contracts with the same strict oversight as other sports gambling platforms to protect people like me and my peers from getting in over our heads.
Id like to address a couple of specific questions from the ANPR. On Question 7, about balancing innovation and consumer protection, I think regulated prediction markets strike that balance by giving us access to unique information while keeping guardrails in place to prevent abuse. And regarding Question 29, on whether informed traders help price discovery, I believe they absolutely do. The more knowledgeable people trade, the more accurate the market becomes, and that helps everyone.
Im not blind to the risks, like insider trading or manipulation. But those are already illegal under existing laws, and the CFTC has the tools to enforce them. Shutting down or over-restricting prediction markets to stop a few bad actors feels like punishing the rest of us who use these platforms responsibly. Instead, I urge you to focus on targeted rules that address specific concerns without limiting access to these valuable tools.
Thank you for considering my perspective. I respectfully ask that the CFTC support proportionate regulation of prediction markets to ensure they remain accessible, safe, and beneficial for everyday citizens like me.
Sincerely,
Ryan Mahandru
