Comment Text:
Dear Chairman and Commissioners,
My name is George Eckersley, and I'm just a regular citizen from Utah 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 serve a valuable purpose when properly regulated. I want to urge the CFTC to support fair, proportionate rules for these markets rather than imposing bans or heavy restrictions.
As someone who follows elections and public events closely, Ive found prediction markets to offer insights you cant get from polls or news pundits. They cut through the noise and give a clearer picture of what might happen, whether it's a presidential race or a major policy change. This isn't just helpful for traders like me; it's useful for anyone trying to make sense of the world. Beyond that, Ive used these markets to hedge personal financial risks tied to political outcomes that could impact my taxes or savings. It's a practical tool, not a game.
I also believe strongly in the freedom to participate in legal, regulated markets. Platforms like Kalshi, which operate under CFTC oversight, are a safe way for everyday folks like me to engage. If you ban or over-restrict these markets, you're not stopping the activity, you're just pushing it to unregulated offshore sites where theres no protection at all. Thats a worse outcome for everyone. Id rather see the US take the lead in financial innovation, setting the standard for how prediction markets should work, instead of letting other countries fill that gap. Weve got the chance to be ahead of the curve here.
Looking at some of the specific questions in the ANPR, I want to address a couple from the Public Interest section, like Question 7 on balancing innovation and consumer protection. I think regulation should focus on protecting users without stifling the benefits these markets bring. And for Question 14, comparing prediction markets to other tools, Id say theyre unique in how they aggregate information and let regular people manage risks. As for concerns about manipulation or insider trading, I get that those are real issues. But the CFTC already has laws and tools to tackle bad actors. Punishing everyone by shutting down markets isn't the answer.
I hope the CFTC will craft rules that allow prediction markets to thrive under clear, fair oversight. Dont let heavy-handed restrictions drive this innovation offshore. Lets keep it safe, legal, and accessible right here in the US.
Sincerely,
George Eckersley
