Comment Text:
Dear Chairman and Commissioners,
My name is Troy Foley, and I'm just an everyday citizen from Washington state writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm new to prediction markets, but I strongly support the idea of having access to legal, regulated platforms where regular folks like me can participate. I appreciate the chance to weigh in on how these markets should be handled.
I believe prediction markets offer a unique value by letting people share and access information that you can't find in polls or news. They're not gambling, in my view. They're a way for someone like me to make informed decisions based on research and judgment, much like investing in stocks. I want the freedom to participate in these markets, but I also understand the need for oversight to keep things fair and safe. That's why I'm in favor of regulation through platforms like Kalshi, which operate under CFTC rules, instead of pushing activity to unregulated offshore sites where there are no protections at all. If we ban or over-restrict these markets, people will just go elsewhere, and that seems far riskier for consumers like me.
I'm also concerned about the US falling behind. We should be leading the way in financial innovation, not letting other countries take the reins. The CFTC already has strong tools to tackle issues like manipulation and insider trading in other markets. I trust those same tools can be adapted here without resorting to broad bans. Targeted rules that address specific risks make a lot more sense to me than shutting down entire categories of contracts.
Looking at some of the questions in the ANPR, I want to touch on a couple that stand out. For Question 7 under Public Interest, I think the balance should lean toward innovation with smart consumer protections, not heavy-handed restrictions. And for Question 23 under Procedural Aspects, I believe the CFTC should focus on individual market risks rather than blanket prohibitions, ensuring regular people aren't locked out.
I urge you to support proportionate regulation of prediction markets. Let's keep them legal and safe under CFTC oversight, without over-restricting or banning them outright. That way, citizens like me can participate confidently, and the US stays ahead in this space.
Thank you for considering my input.
Sincerely,
Troy Foley
