Comment Text:
Dear Chairman and Commissioners,
My name is Kareem Russell, and I'm just an everyday citizen from New York writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. Ive been trading on platforms like Kalshi for a while now, and I strongly support the idea of well-regulated prediction markets. Im not a financial expert or a lawyer, just someone who sees real value in these markets and wants to make sure regular people like me can keep participating in a safe, legal way.
I got into prediction markets because they give me information I cant find anywhere else. Whether its figuring out the odds of an election outcome or a big economic decision, the prices on these platforms often seem more accurate than what I hear from pundits or see in polls. Its not just about making a few bucks, though thats nice. Its about having a tool that helps me understand the world better. And I think thats useful for everyone, not just traders. Beyond that, I believe allowing regular folks like me to participate makes the system fairer. If only big institutions can trade, theyre the only ones who get the insights. Letting everyday people in makes the markets predictions stronger and more reflective of what we all think.
I also want to push back on the idea that event contracts are gambling. To me, trading on Kalshi feels a lot like investing in stocks. I do research, read up on current events, and make decisions based on what I think is likely to happen. Thats not a game of chance; its using real judgment about the real world. These contracts have economic purpose, whether its helping me think through risks tied to politics or the economy. Im not flipping a coin here.
On the safety side, I cant stress enough how much better it is to trade on a regulated platform like Kalshi compared to some sketchy offshore site. Ive looked at those other options, and theyre a mess, no oversight, no protections. If the CFTC cracks down too hard or bans these markets, people like me arent going to stop trading. Well just get pushed to those unregulated platforms where theres no accountability. Thats not safer for anyone. Im glad the CFTC is asking about this balance in questions 7 and 8 under the Public Interest section, because innovation and consumer protection dont have to be at odds. You can have both with smart rules.
Im also aware of concerns like insider trading or manipulation, and I get why those are issues. But those are already illegal, right? The CFTC has tools to go after bad actors without shutting down entire markets. Dont punish the rest of us for what a few might do wrong.
So, my ask is simple. Please support proportionate regulation of prediction markets. Keep platforms like Kalshi accessible to regular people, and dont over-restrict or ban these valuable tools. Focus on targeted rules to address specific risks while letting law-abiding citizens participate in a safe, legal space.
Thank you for considering my perspective.
Sincerely,
Kareem Russell
