Comment Text:
Please press the COPY Dear Chairman and Commissioners,
My name is Rhonna Church, and I'm just an everyday citizen from Arizona writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm not an expert or a big investor, but I'm trying to learn about investing and understand the lingo. I follow prediction markets, even though I don't trade on them yet, because I find them fascinating. Honestly, Im hoping one day to participate in markets where I feel I can make better predictions about things I understand, maybe even make a little money to help with retirement. I know that sounds ambitious, but I believe I should have the freedom to participate in legal, regulated markets like these.
I support prediction markets because they seem to offer something unique. From what I've seen, when people trade based on what they know, the prices often reflect information that's hard to find anywhere else. That doesn't just help the traders; it helps everyone by making forecasts more accurate. I think it's a mistake to shut down or over-restrict these markets with broad bans. Instead, the CFTC should focus on targeted rules that deal with specific problems like manipulation or insider trading, without punishing regular folks like me who just want a fair chance to participate.
Another thing that worries me is the idea of the US falling behind. I've read that other countries are moving forward with financial innovations like prediction markets. If we over-regulate or ban them here, aren't we just handing the lead to someone else? I think the US should be at the forefront, setting the standard for how to do this right. Plus, I see real value in these markets for hedging risks. Im not a business owner, but I can imagine how someone might use prediction markets to protect against uncertainties like policy changes or economic shifts that affect their livelihood. Even for individuals, it could be a way to manage personal financial risks.
I know prediction markets aren't perfect. I've noticed that sometimes the apps or platforms might not always get things right, but other times they seem pretty spot-on. Thats why I think regulation matters, to make sure theyre fair and transparent. Looking at some of the questions in the ANPR, like Question 7 on balancing innovation and consumer protection, Id say we need rules that encourage new ideas while keeping participants safe, not rules that just stop everything. And for Question 15, on defining whats legitimate versus gaming, I dont think these markets are just gambling. They take knowledge and judgment, just like any other investment.
Im asking the CFTC to support proportionate regulation of prediction markets. Please dont ban or overly restrict them. Give people like me a chance to engage in these markets under fair, clear rules. Thank you for considering my perspective.
Sincerely,
Rhonna Churchbutton above and paste here.
