Comment Text:
I don’t know why the CFTC decided to shut down PredictIt. Why didn’t the CFTC just let all this happen on a full scale? I’ve heard rumors floating around that the CFTC doesn’t think that it is the “right” agency to regulate a prediction market like PredictIt or like Kalshi. If that is the case, the CFTC has to get things figure out because it seems to be talking a little two faced here. On the one hand, the CFTC is saying strongly that prediction markets are theirs to own. On the other hand, it’s not exactly bending over backwards to allow prediction markets. Sure it took a big step forward with Kalshi, Kalshi is still more of a traditional financial market, where you have both hedging and prediction. That’s great and all. But the CFTC shouldn’t be deciding “am I right woman for the job.” If you’re going to stopping prediction markets, then you can allow them too. It’s not like Congress just said, you can make these stop, but not make them happen. So the CFTC has to know that it’s an all or nothing question here. If the CFTC let’s these contracts through, great. If it disapproves the comment, there will be no market. As in, no more market. Thats it, lights out, you killed this market. It’s not like there are alternative places for this to happen. If it was a CFTC vs some other agency, fine. Then the CFTC could ask are we the right group. But that is not the case. There is no one else who can do it. And it would be better to have an oversight of the market. Plus, I bet the SEC would LOVE to do it. So the CFTC here should recognize that this is a market Congress said belongs to it, and encourage it to make it awesome.
