Comment Text:
Dear Chairman and Commissioners,
My name is Colin Campbell, and I'm a Virginia resident serving in the military. I'm writing to comment on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I actively trade on platforms like Kalshi, and I want to share why I strongly support well-regulated prediction markets and why I believe the CFTC should adopt a balanced, targeted approach to regulation.
For me, prediction markets aren't just a pastime, though I do enjoy the challenge. They're a source of information I can't find anywhere else. I've seen firsthand how these markets forecast election outcomes and public events far more accurately than polls or TV pundits. That kind of insight helps me make sense of the world, and I know it could help others too, including policymakers and the public. It's not gambling when I'm putting in time to research and think critically about real-world events. It's a skill, much like investing in stocks.
I also value the freedom to participate in legal, regulated markets like Kalshi. Platforms under CFTC oversight are transparent and safe, unlike unregulated offshore sites where there's no accountability. If the CFTC over-restricts or bans these markets, people like me won't just stop trading; we'll be pushed to less secure places. Regulation should keep us in a protected space, not drive us out. Plus, allowing everyday folks like me to trade ensures the market reflects a wide range of perspectives, which makes the price discovery process stronger. Informed trading isn't a problem; it benefits everyone by creating better data.
I'm aware of concerns like manipulation or insider trading, and I get why those are issues. But the CFTC already has tools to tackle bad actors, and broad bans aren't the answer. Targeted rules, focused on specific risks, would protect markets without punishing regular users. I also know academic research backs this up. Studies show prediction markets aggregate information efficiently, and that data should be transparent for everyone to use.
I'd like to address a couple of specific questions from the ANPR. On Question 7, regarding public interest, I believe prediction markets serve the public by providing better information for decision-making. On Question 29, about inside information, I think informed traders actually improve price accuracy as long as existing laws against insider trading are enforced.
I urge the CFTC to support proportionate regulation of prediction markets. Don't ban or overly restrict them. Keep platforms like Kalshi accessible under fair rules that address real risks without shutting down the benefits for people like me. Thank you for considering my perspective.
Sincerely,
Colin Campbell
