Comment Text:
Dear Chairman and Commissioners,
My name is Guena Ingabire, and I'm a student from Maine. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. As someone who actively trades on regulated platforms like Kalshi, I strongly support the development of fair, well-regulated prediction markets in the United States, and I urge the CFTC to adopt a balanced approach that protects consumers without stifling access or innovation.
I've found prediction markets to be incredibly valuable, not just for me but for society as a whole. As a student, Im always trying to understand the world around me, whether it's politics, economic trends, or even weather events that impact my community here in Maine. Trading on Kalshi has given me access to real-time information through market prices that I can't find in news articles or polls. It's not gambling, it's a way to engage with the world using research and judgment, much like investing in stocks. Ive used these markets to make small trades on election outcomes or inflation data, and its helped me feel more connected to these issues, almost like having a financial stake in staying informed.
What worries me most is the idea of banning or over-restricting these markets. If the CFTC makes it too hard for platforms like Kalshi to operate, or limits who can participate, I believe the activity will just move to unregulated offshore sites. I've seen friends casually mention using overseas platforms because they think the US rules are too tight already. Those sites dont have the oversight or protections that a CFTC-registered market offers. Pushing trading offshore doesnt solve problems like manipulation or insider trading, it just makes them harder to monitor. Id rather see the US lead the way with strong, sensible regulation that keeps markets transparent and safe for everyone.
I also want to touch on a couple of specific questions from the ANPR. Regarding Question 7 on balancing innovation and consumer protection, I think the CFTC should prioritize rules that encourage participation while using existing tools to prevent fraud. And for Question 29 on insider trading, I believe the answer isnt to shut down markets but to enforce the laws we already have against misuse of nonpublic information. Banning markets punishes regular people like me who just want to participate legally.
Im not naive about the risks. I know some might try to game the system. But the CFTC already has authority to tackle manipulation and fraud in other derivatives markets. Use those same tools here. Dont limit my freedom to engage in a legal, regulated space because of a few bad actors.
I respectfully ask the CFTC to support proportionate regulation of prediction markets. Please ensure that ordinary citizens like me can continue to participate in these markets under a clear, fair framework. Thank you for considering my perspective.
Sincerely,
Guena Ingabire
