Comment Text:
Dear Chairman and Commissioners,
My name is Eric Miracle, and I'm just an everyday citizen from Michigan 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 believe regular people like me should have a say in how these markets are regulated. I'm new to prediction markets, but I strongly support their existence under fair, well-thought-out rules.
I think prediction markets are valuable because they give people like me a chance to participate in something that isn't just for Wall Street or big institutions. I've been reading up on them, and it's clear they provide unique information you can't get from polls or news pundits. That benefits everyone, not just traders. More than that, I value the freedom to take part in legal, regulated markets. Shutting regular folks out while letting the big players in feels unfair, and it keeps the best information locked away with them. I want a system where someone like me can engage, learn, and make decisions based on real-world events.
Another reason I support these markets is for hedging personal financial risks. For example, as someone who runs a small side business here in Michigan, I worry about how elections or new regulations might hit my costs or taxes. Having a way to hedge against that uncertainty would be a huge relief. It's not gambling, it's planning. It's using research and judgment, just like people do with stocks or other investments.
I'm also concerned that if we over-restrict or ban these markets, the United States risks falling behind. We should be leading the way in financial innovation, not handing the advantage to other countries with looser rules. If prediction markets get pushed offshore to unregulated platforms, thats worse for everyone. I'd much rather see them thrive here under the CFTC's oversight.
On some of the specific questions in the ANPR, like those in Topic Area B about balancing innovation and consumer protection (Questions 7-14), I think the answer is clear: don't throw out the baby with the bathwater. Protect consumers with targeted rules against manipulation or insider trading, which I know are already illegal, but don't ban broad categories of contracts. And on Topic Area E (Questions 29-32) about inside information, I believe the CFTC already has tools to handle bad actors without shutting down entire markets.
I urge you to support proportionate regulation of prediction markets. Let's keep them accessible to everyday people like me, while addressing real risks with focused solutions. Thank you for considering my perspective.
Sincerely,
Eric Miracle
