Comment Text:
Dear Chairman and Commissioners,
My name is Andrew Dennis, and I'm a student from Alabama. Im writing to you about the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. As someone whos used prediction markets a few times, I want to express my strong support for regulating these markets in a fair and balanced way, rather than banning or over-restricting them.
I was a student athlete in college, and Ive always loved the excitement of games. Trading on prediction markets adds another layer to that. Its not just about the money for me; it makes watching games more engaging and honestly boosts my interest in following sports even more. I think that kind of excitement can increase viewership for events too, which benefits everyone. Ive used platforms like Kalshi before, and I value having a legal, regulated space to participate in these markets. It feels safer knowing theres oversight.
What worries me is the idea of over-restricting or outright banning these markets. If that happens, people like me wont just stop trading. Well look for other options, often offshore apps or platforms with no oversight at all. Ive already faced a hiccup with Kalshi where I was accused of insider trading. Id like to clear that up and keep trading legally, but if I cant, Ive started looking at other apps that arent regulated in the U.S. Thats not ideal for anyone. Unregulated markets are riskier for users and harder for agencies like the CFTC to monitor. Keeping prediction markets legal and regulated here in the U.S. is the better path.
I also want to address a concern I know comes up a lot, which is the potential for manipulation or unfair trading. I get why thats a worry, but the CFTC already has rules and tools to tackle fraud and insider trading in other markets. Those should apply here too. Shutting down prediction markets to stop a few bad actors feels like punishing everyone else whos just trying to participate honestly.
Looking at some of the questions in the ANPR, I think my perspective ties directly to Question 7 on balancing innovation and consumer protection. I believe regulated prediction markets are an innovative tool that regular people like me can use, as long as there are clear rules to protect us. Also, Question 29 about inside information hits close to home with my experience. I think the focus should be on enforcing existing laws, not creating barriers that push people like me out of safe, legal markets.
I urge the CFTC to support proportionate regulation of prediction markets. Dont ban or overly restrict them. Let people like me participate in a legal, transparent system right here in the U.S. Thank you for considering my input.
Sincerely,
Andrew Dennis
