Comment Text:
Dear Chairman and Commissioners,
My name is Oralyn Weah, and I'm a healthcare professional from Minnesota. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I strongly support the idea of well-regulated prediction markets, and I want to explain why they matter to me and why the CFTC should craft rules that allow them to thrive under proper oversight.
I've been trading on platforms like Kalshi for a while now, and it's been a game-changer. I never paid much attention to political speeches or certain economic events before, but having a stake in prediction markets got me engaged. I even subscribed to TV streaming services to stay informed and make better predictions. That kind of motivation isn't just good for me; it benefits the broader economy by encouraging people to learn and participate. Beyond that, I've used these markets to hedge real risks. As someone in healthcare, policy changes or economic shifts can impact my work and finances. Being able to hedge against those uncertainties through prediction markets gives me a sense of control and stability.
I believe citizens like me should have the freedom to participate in legal, regulated markets like Kalshi. These platforms aren't gambling; they're tools for managing risk and discovering valuable information. Classifying event contracts as "gaming" ignores their legitimate economic purpose, whether it's hedging or price discovery. I also think informed trading makes markets better for everyone. When people bring knowledge to the table, prices get more accurate, and that helps all participants, not just a select few.
I'm aware of concerns about manipulation or insider trading, and I get why those are issues. But the CFTC already has strong tools to tackle those problems in other markets. Why not adapt them here instead of over-restricting or banning prediction markets? Shutting down or heavily limiting these markets would just push activity to unregulated offshore platforms, which are far less safe for consumers like me. Regulation, not prohibition, is the way to protect us. On that note, I think the CFTC's questions 7 and 11 under Public Interest hit on this balance between innovation and consumer protection, and I urge you to prioritize rules that keep markets accessible while addressing risks. Also, regarding question 29 on inside information, I believe informed traders often improve price discovery, and existing laws already bar federal employees from abusing nonpublic info.
The U.S. has a chance to lead in financial innovation. Let's not cede that to other countries by over-regulating. I ask the CFTC to support proportionate regulation that keeps prediction markets open to regular people like me, with strong consumer protections built in. Don't ban or overly restrict them; instead, make sure they're safe and fair for everyone.
Thank you for considering my input.
Sincerely,
Oralyn Weah
