Comment Text:
Dear Chairman and Commissioners,
My name is Emanuel Melchor, and I'm a regular citizen from California writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm not a lawyer or a finance expert, just someone who has been actively trading on platforms like Kalshi for a while now. I strongly support the idea of well-regulated prediction markets, and I hope my perspective as an everyday user can help shape your approach.
I've found prediction markets to be incredibly useful. They give me a way to engage with events that affect my life, like elections or economic decisions, in a way that feels more grounded than just reading the news or listening to pundits. The prices on these markets often seem more accurate than polls, and Ive used them to make informed decisions, even if just for my own understanding. More importantly, being able to participate in a legal, regulated platform like Kalshi gives me confidence that there are rules in place to protect users like me. I feel safer knowing trades are overseen by an agency like the CFTC, with transparency and accountability built in.
What worries me is the idea of banning or over-restricting these markets. If that happens, I know from experience that people like me won't just stop trading. We'll get pushed to unregulated offshore platforms where theres no oversight, no consumer protection, and no way to ensure fair play. I've seen some of those sites out there, and theyre a mess. No one is watching to prevent manipulation or fraud. If the CFTC clamps down too hard, you're not protecting people, you're just driving us into riskier spaces. Regulated markets are the safer choice, hands down.
I noticed in your questions, especially around Public Interest in questions 7 through 14, youre asking about balancing innovation with consumer protection. I think keeping platforms like Kalshi regulated under your oversight strikes that balance. It lets regular folks like me participate without feeling like were rolling the dice in some shady corner of the internet. And on the topic of procedural aspects in questions 23 to 28, Id urge you to focus on rules that keep markets fair and open, not on blanket restrictions that shut them down.
Im asking you to support proportionate regulation of prediction markets. Please dont ban or overly restrict them. Keep them legal and regulated here in the US, where agencies like yours can ensure theyre safe and transparent for everyone. Thanks for taking the time to read my thoughts.
Sincerely,
Emanuel Melchor
