Comment Text:
Dear Chairman and Commissioners,
My name is Cameron Cole, and I'm just an everyday citizen from Texas writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I've been actively trading on platforms like Kalshi, which is regulated by the CFTC, and I strongly support the idea of well-regulated prediction markets. I appreciate the chance to weigh in on this issue.
I believe in the freedom to participate in legal, regulated markets like these. Prediction markets aren't just a niche hobby for me; they're a way to engage with real-world events and make informed decisions. Platforms like Kalshi give regular folks like me access to tools that help us think critically about politics, economics, and other big issues. But what really matters to me is that these markets are regulated here in the US. I feel a lot safer trading on a platform overseen by the CFTC than I would on some shady offshore site with no accountability. If the rules get too tight or if certain markets get banned outright, people aren't going to stop trading. They'll just move to unregulated platforms outside the US, where there's no oversight and no consumer protection. That seems like a step backward to me.
I also think the US should be a leader in financial innovation. We shouldn't be handing over this space to other countries by over-restricting prediction markets here. If we set up fair, clear rules, we can keep the benefits of these markets, like better forecasting and risk management, right here at home. I'm not saying there shouldn't be any rules. I get that there are risks like manipulation or insider trading. But the answer isn't broad bans on whole categories of contracts. It's about targeted, proportionate regulation that deals with specific problems without shutting down the entire system. The CFTC already has tools to handle bad actors in other markets, and I believe those can work here too.
Looking at some of the questions in the ANPR, I want to touch on a couple that stand out to me. On Question 7, about balancing innovation and consumer protection, I think regulated markets like Kalshi already strike a good balance by providing transparency and oversight. And on Question 23, about how public interest determinations should be made, I believe the CFTC should avoid blanket prohibitions and instead focus on case-by-case risks. Don't punish everyone for the actions of a few.
In short, I urge the CFTC to support proportionate regulation of prediction markets. Keep them legal and accessible for regular people like me, under fair rules that address real concerns without overreaching. Let's keep this innovation in the US where it can be properly overseen.
Thank you for considering my input.
Sincerely,
Cameron Cole
