Comment Text:
Dear Chairman and Commissioners,
My name is Ryan Baker, and I'm a service member based in Michigan. I'm writing to comment on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I want to share my personal experience with prediction markets like Kalshi and why I strongly support proportionate regulation that allows regular folks like me to participate in these legal, regulated platforms.
Serving in the military doesn't pay well, and I've got a family to support. I started trading on Kalshi to help make ends meet. It's not a game to me; it's a way to use my judgment and research to earn a little extra for my household. I've put time into understanding how events like elections or economic reports might play out, and trading on Kalshi lets me turn that effort into something tangible. I believe in my right to participate in these markets, just as much as any big investor or institution.
What worries me is the idea of over-restricting or banning these platforms. I know there are concerns about manipulation or insider trading, and I get that. But regulated markets like Kalshi are far safer than the alternative. If you shut down or overly restrict legal platforms, people like me will just turn to unregulated offshore sites with no oversight. I've seen what happens when things go underground; it's messier and riskier for everyone. The CFTC has the tools to monitor and enforce rules on platforms like Kalshi, so let's keep the activity here where it can be watched.
I also think the United States should be a leader in financial innovation. We're a country that sets the pace, not one that follows. If we clamp down on prediction markets, we're just handing the advantage to other countries that will build their own platforms. Why let them take the lead? Let's regulate smartly and keep the benefits here at home.
I'd like to speak directly to some of the questions in your ANPR. On Question 7 about balancing innovation and consumer protection, I believe regulated markets already strike that balance by giving people access while having rules in place to prevent abuse. On Question 29 regarding inside information, I trust the CFTC's existing powers to catch bad actors without punishing the rest of us who play by the rules.
I'm happy to be a spokesperson for regular people who use prediction markets responsibly. My story is just one of many, and I'm willing to share more if it helps. I urge you to support proportionate regulation of prediction markets. Don't ban or over-restrict them. Let folks like me keep participating in a system that's legal, transparent, and under your oversight.
Thank you for considering my input.
Sincerely,
Ryan Baker
