Comment Text:
Dear Chairman and Commissioners,
My name is Mayank Muttreja, and Im writing to you from California regarding the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). Im not a lawyer or a policy expert, just a regular person who has found prediction markets to be incredibly useful in my life. I actively trade on platforms like Kalshi, and I want to share why I believe the CFTC should support well-regulated prediction markets rather than overly restricting or banning them.
For me, prediction markets arent just a hobby. Theyre a practical tool for hedging financial risks that impact my personal life. Whether its an election outcome that could affect my taxes or a Federal Reserve decision that might change interest rates and impact my mortgage planning, trading on these markets helps me manage uncertainty. Ive used Kalshi to make informed bets, or really, calculated decisions, that protect me from financial swings I cant control. This isnt gambling. Its about research and judgment, much like any other investment I might make in stocks or bonds.
I also see a bigger picture here. Prediction markets provide information thats hard to find elsewhere. The prices often reflect a clearer picture of whats likely to happen than polls or news pundits. Thats valuable not just to me, but to everyone. And keeping these markets accessible to regular folks like me, instead of just big institutions, makes the system fairer and the data better.
What Im most concerned about is the idea of pushing these markets underground. I trade on Kalshi because its regulated by the CFTC, which gives me confidence that there are rules in place to prevent manipulation or fraud. If the CFTC over-restricts or bans prediction markets, people like me will still want to hedge risks, but well be forced to turn to unregulated offshore platforms. Those places have no oversight, no accountability. Thats far riskier for consumers and could hurt the integrity of the markets overall. I think the CFTC should focus on regulating these markets properly, not shutting them down.
Regarding some of the specific questions in the ANPR, Id like to address Question 7 on balancing innovation with consumer protection. I believe regulated platforms like Kalshi strike that balance by allowing innovation while having safeguards in place. And for Question 29 on inside information, I dont think the answer is to ban markets. Insider trading is already illegal, and the CFTC has tools to enforce that. Dont punish everyone for the actions of a few bad actors.
I urge you to support proportionate regulation of prediction markets. Keep them accessible, safe, and under CFTC oversight, so people like me can continue using them to manage real risks without being pushed to unsafe alternatives. Thank you for considering my perspective.
Sincerely,
Mayank Muttreja
