Comment Text:
Dear Chairman and Commissioners,
My name is Gaven Anguiano, and I'm a trader and investor based in Texas. I'm writing to comment on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. As someone who actively trades on prediction markets like Kalshi, I want to express my strong support for well-regulated markets that allow people like me to participate legally and safely.
Im an advantage sports trader by trade, which means Ive been banned or limited from pretty much every sportsbook out there. Kalshi has been a game-changer for me. It lets me use my skills to trade and make a living without leaving my home in Texas. This isnt just a hobby; its my livelihood. Prediction markets arent gambling, no matter what some might say. They take research, analysis, and real-world judgment, just like trading stocks or commodities. Classifying event contracts as gaming would be a mistake when they serve real economic purposes like price discovery and hedging risks that matter to everyday people.
What worries me is the idea of banning or over-restricting these markets. If platforms like Kalshi are shut down or buried under heavy rules, traders like me will get pushed to unregulated offshore sites. Those places have no oversight, no consumer protections, and no accountability. Ive seen what happens in unregulated spaces, and its not pretty. A regulated market under the CFTCs watch is far safer for everyone involved. Id much rather trade on a platform that answers to you than some shady offshore outfit.
I also believe the U.S. should be leading the charge on financial innovation. Prediction markets are a powerful tool for aggregating information and forecasting outcomes, often better than polls or pundits. If we stifle them here, other countries will step in and take the lead. We cant afford to fall behind on something this important.
Looking at some of the specific questions in the ANPR, I want to address numbers 15 and 16 under Listed Activities. Event contracts shouldnt be lumped in with gaming. Theyre a legitimate way to manage uncertainty, whether its an election outcome affecting my taxes or a policy shift impacting my investments. And on questions 7 and 8 under Public Interest, I think regulated prediction markets strike the right balance between innovation and protection. The CFTC already has tools to tackle manipulation or insider trading; use those instead of broad restrictions.
I urge you to support proportionate regulation that keeps prediction markets accessible to regular traders like me. Dont let over-restriction push us offshore or kill a valuable industry before it can fully grow. Thank you for considering my perspective.
Sincerely,
Gaven Anguiano
