Comment Text:
Dear Chairman and Commissioners,
My name is Zayne Mills, and I'm writing from Illinois to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I'm what some might call a degenerate gambler, but to me, life is all about taking risks. That's why I love trading, especially on prediction markets. It's not just a thrill; it's a tool I rely on, and I want to see these markets regulated properly, not banned or choked with overreach.
I've been using prediction markets to hedge personal financial risks for a while now. Whether it's an election outcome that could mess with my taxes or a big economic report that might hit my budget, I use these platforms to manage uncertainty in my life. This isn't gambling to me. It takes real research and thought, just like any other investment. Classifying event contracts as "gaming" (like in Questions 15-22 of your ANPR) is flat wrong. These contracts serve legitimate purposes, like hedging and price discovery, and they shouldn't be treated like a slot machine.
I also believe the US needs to lead on this. We're the country of innovation, so why would we let other nations take the wheel on financial tools like prediction markets? If we over-restrict or ban them, people like me will just go to unregulated offshore platforms. I've seen those sites; they're sketchy and unsafe. Regulated markets like Kalshi are way better, with oversight to keep things fair. Pushing activity offshore by clamping down too hard would be a huge mistake, and I hope you'll consider that in your public interest analysis (Questions 7-14).
Another thing: prediction markets give better forecasts than any poll or pundit I've ever seen. They pull together what everyone knows, and even informed trading makes the prices sharper, which helps everyone, not just traders. On insider trading or manipulation worries (Questions 29-32), I get the concern, but the CFTC already has solid tools to crack down on bad actors. Use those instead of broad bans that punish regular folks like me. Proportionate rules targeting specific risks make way more sense.
Honestly, this is my favorite app. I recommend it to everyone I know because its useful and fair when regulated right. I'm asking you to support prediction markets with smart, targeted regulation. Don't ban them or over-restrict them. Keep the US in the lead, protect users with oversight, and let us keep hedging real risks in our lives.
Thank you for listening.
Sincerely,
Zayne Mills
