Comment Text:
Prediction markets are a dangerously addicting form of gambling, and despite the buy yes and buy no structure of these sports contracts, in practice, it is gambling. Furthermore, the CFTC risks harming the very first settlers of American lands, the indigenous tribes of North America, sometimes referred to as American Indiana or Native Americans. These groups should have their industry being protected, since Andrew Jackson drove them all off in the Trail of Tears. Furthermore, Kalshi in particular via its disgustingly wicked and exploitative partnership with RedCup News in particular is directly getting an entire generation hooked on gambling that isn't subject to consumer protections, unlike offerings from state-regulated sportsbooks such as BetMGM, Yahoo! Sportsbook, or Caesars Sportsbook. The NIH has sounded the alarm over and over again on a loneliness epidemic both under the current and previous health administrations. If we don't protect our youth, and if we don't use gambling as a
The way things are now with the CFTC allowing prediction markets to continue to pierce into culture, my generation will live in effective poverty, depriving numerous Americans from social security revenue, tax revenue, economic prosperity, permanent renting, and effective taxation by corporations. Mark my words - my generation will suffer if things continue the way they are today. It doesn't matter if you're white, black, democrat, republican, conservative, liberal, gay, straight, god fearing, god hating, or anywhere in between.
The CFTC should ban the usage of prediction markets for sports betting. It's the morally right thing to do and protects the future generation. For the sake of the committee's public approval and image among both the general populace and our elected representatives, the CFTC should take these steps too.
