Comment Text:
Dear Chairman and Commissioners,
My name is Jordon Platt, and I'm just a regular citizen from Texas 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 prediction markets like Kalshi for a while now. I believe these markets are valuable, and Im asking you to support fair, proportionate regulation rather than banning or over-restricting them.
I got into prediction markets because they give me a way to engage with events that affect my life, like elections or economic policies. Its not about gambling for me. Its about having a stake in understanding whats happening in the world. Ive spent hours researching before placing trades on Kalshi, and Ive found the information these markets provide is often more reliable than what I hear from news or polls. I think its a good thing that everyday people like me can participate in a legal, regulated space. Shutting that down would just push folks like me to riskier, offshore platforms that dont have any oversight.
Heres my main concern: regulated markets like Kalshi are far safer than the unregulated alternatives out there. Ive looked at some of those offshore sites, and theyre a mess. No accountability, no consumer protections. If the CFTC over-restricts or bans prediction markets here, people arent going to stop trading. Theyll just go to those shady platforms instead. Thats not solving a problem; its making things worse. Id rather see the US lead the way in financial innovation by setting smart rules for these markets, not handing the advantage to other countries where oversight is nonexistent.
I also want to touch on some of the specific questions in your notice. For instance, on Question 7 about balancing innovation and consumer protection under the public interest topic, I think the CFTC can do both by keeping markets like Kalshi open under clear rules. And on Question 23 about procedural aspects, I believe the CFTC should focus on regulating specific risks case by case, not wiping out entire categories of contracts. That way, people like me can keep participating without unnecessary barriers.
I get that there are concerns about manipulation or insider trading. But those are already illegal, right? The CFTC has the tools to go after bad actors without punishing everyone else. I just want the freedom to keep trading in a legal, safe environment here in the US. Please dont let over-regulation push this activity offshore where no one can control it.
Thank you for taking the time to read my comment. I strongly urge you to support proportionate regulation of prediction markets and avoid bans or overly strict rules that would hurt regular citizens like me.
Sincerely,
Jordon Platt
