Comment Text:
Dear Chairman and Commissioners,
My name is Georgia McChristion, and I'm just an everyday citizen from Illinois writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've used prediction markets a few times myself, and I believe they have a real value that shouldn't be stifled by overregulation. I'm glad the CFTC is seeking input before drafting rules, and I want to urge you to support well-regulated prediction markets without banning or overly restricting them.
I think these markets are important for regular people like me. They've given me a way to engage with events that affect my life, whether it's an election or an economic decision, and put my own judgment to the test. It's not gambling, it's a way to think hard about what's likely to happen based on what I read and know. I value the freedom to participate in legal, regulated markets like this. If only big institutions or wealthy traders get access, then all the insights and benefits stay with them. That doesn't seem fair to me, and I think the CFTC should keep access open to everyday folks under clear rules.
I'm also worried about the US falling behind. We should be leading the way in financial innovation, not letting other countries take the lead. If we overregulate or shut down prediction markets here, people will just turn to platforms in other places with fewer protections. I've looked at platforms like Kalshi, which operates under CFTC oversight, and I feel much safer trading there than I would on some offshore site with no rules. Regulated markets are the way to go, and I think the CFTC has a chance to set a strong example for the world. This ties into questions 7 and 8 from your ANPR about balancing innovation with consumer protection. I believe you can do both by focusing on smart oversight instead of broad restrictions.
I understand there are concerns about things like manipulation or insider trading. But aren't there already laws against that? The CFTC has tools to go after bad actors without punishing everyone else. Banning or limiting these markets because of a few risks feels like overkill to me. Let's address the problems directly instead of throwing out something useful.
In closing, I ask that you support proportionate regulation of prediction markets. Keep them legal and accessible on regulated platforms, and make sure the US stays a leader in this space. Thank you for considering my perspective as you move forward with this rulemaking.
Sincerely,
Georgia McChristion
