Comment Text:
Dear Chairman and Commissioners,
My name is Teresa Ramsay, and I'm just an everyday citizen from North Carolina writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've used prediction markets a few times myself, and I strongly support regulating them in a fair and balanced way, rather than banning or over-restricting them.
I first got interested in prediction markets during the last election cycle. I was tired of unreliable polls and pundits who seemed to miss the mark constantly. Platforms like these gave me a clearer picture of what might actually happen, based on real people putting their money where their mouth is. That kind of forecasting isn't just helpful for me; it's valuable for everyone, from journalists to policymakers. Its better information for making decisions, plain and simple. Beyond that, Ive also seen how these markets let regular folks like me hedge against uncertainties. For instance, I run a small side business, and being able to bet on economic events like interest rate changes helps me plan for risks that could hit my bottom line.
Im all for consumer protection, but I think the answer is regulation, not prohibition. Regulated platforms like Kalshi are a much safer bet than pushing people toward shady offshore sites with no oversight. The CFTC already has strong tools to tackle manipulation and insider trading in other markets. Why not use those same powers here instead of broad bans? Banning or over-restricting these markets will just drive activity underground, away from any protection. And lets not call this gambling. Trading on events takes research and judgment, just like trading stocks. It serves a real purpose, whether its price discovery or hedging risks, and should not be lumped in with gaming.
Id like to address a couple of specific questions from the ANPR. On Question 7, about balancing innovation and consumer protection, I believe the US should lead in financial innovation. We shouldnt cede this space to other countries by over-regulating. And on Question 29, regarding inside information, I think informed trading actually improves price discovery. It makes the market smarter for everyone, as long as existing laws against insider trading are enforced.
Im not saying there are no risks. Of course there are. But the solution is targeted, proportionate rules that address specific problems like manipulation, not blanket restrictions that punish everyone. I urge the CFTC to support well-regulated prediction markets that allow ordinary citizens like me to participate, hedge risks, and access better information, all while keeping the US at the forefront of financial innovation.
Thank you for considering my views.
Sincerely,
Teresa Ramsay
