Comment Text:
Dear Chairman and Commissioners,
My name is Emmanuel Mugisha, and I'm a student based in California. I'm fairly new to the United States, and I'm also new to prediction markets, but I wanted to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I believe these markets are valuable and should be supported with fair regulation, not heavy restrictions or bans.
I got into prediction markets recently, and Ive already made some small profits. Honestly, it felt great to predict an outcome and earn a little from it. Even if I had lost everything, the experience was fun and got me thinking more deeply about real-world events. As a student, Im always learning, and participating in these markets taught me to research and analyze information in a practical way. I dont see this as gambling at all. Its not like playing slots or betting on a game of chance. It takes thought and judgment, much like investing in stocks or other financial tools. Event contracts, to me, serve a real economic purpose by helping people like me understand and engage with important issues.
I also want to stress that regulated markets, like Kalshi, are a much safer place for people to participate compared to unregulated offshore platforms. If you make it too hard for legitimate, supervised markets to operate, folks will just turn to sketchy websites with no oversight. Thats not good for anyone. Id rather know the CFTC is keeping an eye on things to prevent fraud or manipulation. As someone new to this country, I value knowing there are rules and protections in place.
I noticed some of the questions in the ANPR, like those in Topic Area B (Questions 7-14) about balancing innovation and consumer protection, and Topic Area C (Questions 15-22) about defining gaming versus legitimate markets. I think prediction markets are innovative and shouldnt be lumped in with gambling. They help regular people like me get access to information and make informed guesses about the future. And with proper regulation, the risks can be managed without shutting everything down.
Im just one voice, but I hope youll consider how these markets can benefit students and newcomers like me who are trying to learn and participate in the economy. Please support proportionate regulation of prediction markets and avoid overly strict rules that could push activity to unsafe places. Thanks for taking the time to read my comment.
Sincerely,
Emmanuel Mugisha
