Comment Text:
Dear Chairman and Commissioners,
My name is Chris Beckner, and I'm just a regular citizen from Texas writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've used prediction markets a few times, and I believe they are a ZERO valuE tool for people like me and should be totally banned not regulated. I appreciate the CFTC taking the time to gather public input before drafting rules, and I want to urge you to not support proportionate regulation rather outright broad bans!!!
I've found prediction markets are gambling by a softer name. Crowd sourced opinions are not helpful for getting a sense of what's likely to happen. It is actually the lowest degenerate form of wealth transfer and preying on the public as a whole. The information I get from these platforms often feels shaped in such a manner as to manipulate odds towards the house favor. It's gambling to me and worse yet is the ease in which manipulation can happen. I think this kind of access is dangerous for everyday folks and only serves big institutions. Risks, like manipulation or insider trading are already occurring and no amount of regulation can prevent. I think the answer is to shut these markets down!!!
As further proof to the ends that companies like Kalshi will go, they offered to draft this letter and submit, based on my answers to their cultivated questions.
Instead, I used their draft letter and edited to reflect my true feelings on this matter.
If the CFTC is truly an independent agency with the financial well-being of the millions of average citizens in mind, the only reasonable and responsible decision is to ban not only prediction markets, but also all gaming sites such as Fanduel and Draftkings.
Sincerely,
Chris Beckner
