Comment Text:
Dear Chairman and Commissioners,
My name is Kyler Mills, and I'm writing from West Virginia as an everyday citizen who actively trades on prediction markets like Kalshi. I work for a small cleaning company, and while my job keeps me busy, I've found these markets to be a valuable way to stay informed about political and economic events in the US. I'm writing in response to the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516) to urge you to support fair and proportionate regulation of these markets, not bans or overly strict rules.
For me, trading on prediction markets isn't just a hobby. It's a way to engage with the world around me. I put time into researching and understanding events, whether it's an election or an economic report, because my trades depend on it. This isn't gambling, it's a process of learning and making informed decisions, much like any other investment. I believe event contracts serve real economic purposes, like helping people hedge risks or make sense of complex issues through price discovery. Classifying them as "gaming" feels wrong when they have such clear value. I'm particularly drawn to your questions 15 through 22 on listed activities, and I strongly feel these markets shouldn't be lumped in with gambling. Theyre a tool for understanding and managing uncertainty.
I also want to stress how important it is to keep these markets regulated here in the US. Platforms like Kalshi, which operate under CFTC oversight, are far safer than unregulated offshore sites. If you ban or over-restrict prediction markets, people like me won't just stop trading. We'll get pushed to less secure, foreign platforms with no protections. I think the CFTC already has strong tools to handle risks like manipulation or insider trading, as discussed in questions 1 through 6 and 29 through 32. There's no need for broad bans when targeted rules can address specific problems. Use whats already in place to keep things fair.
Finally, I believe the US should be a leader in financial innovation. We shouldn't let other countries take the lead on something as useful as prediction markets. I'm asking you to focus on balanced regulation that lets regular folks like me participate in legal, safe markets without fear of losing access. Overdoing restrictions or categorically banning certain contracts, as touched on in questions 7 through 14 about public interest, would hurt people who use these tools responsibly.
Thank you for considering my perspective. I hope you'll support proportionate rules that protect consumers while preserving access to prediction markets for everyday Americans.
Sincerely,
Kyler Mills
