Comment Text:
Dear Chairman and Commissioners,
My name is Michael Barillas, and I'm just an everyday 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, mainly through Kalshi, and I want to tell you why I support keeping these markets open and well-regulated under the CFTC's oversight.
For me, prediction markets aren't just some abstract financial tool. They've been a real help to my household. There have been times when money was tight, and trading on Kalshi gave me a little extra to cover the gaps. I'm not a big-time investor, just someone trying to make ends meet, and having access to a legal, regulated platform like this has made a difference. It's not gambling, it's a chance to use what I know about the world, do a bit of research, and make informed decisions. I value the freedom to participate in these markets, and I think it's something other regular folks like me should have too.
I also believe the United States should be leading the way on financial innovation. We shouldn't let other countries take the lead while we hold back with overly strict rules. Prediction markets are a new way to gather information and make forecasts, often better than polls or so-called experts. If we push these markets offshore by over-regulating, we lose out on the benefits and the chance to shape how they grow. Plus, I've read that informed trading actually makes prices more accurate, which helps everyone, not just the traders. It's like having a crowd-sourced crystal ball that gets sharper with more input.
I know there are worries about things like insider trading or manipulation, and I get that those are real issues. But aren't there already laws against that kind of thing? I think the CFTC should focus on enforcing those rules rather than limiting access for everyone. Looking at some of the questions in the ANPR, like those in the "Public Interest" section (Questions 7-14) and "Inside Information" (Questions 29-32), I hope you'll consider how these markets can benefit regular people and improve price discovery, while still addressing bad actors with targeted enforcement.
I'm asking you to support proportionate regulation of prediction markets. Don't ban them or make the rules so tight that only big institutions can play. Keep platforms like Kalshi accessible for people like me, under clear and fair oversight. Thanks for taking the time to read my comment, and I'm grateful for what these markets have done for my family.
Sincerely,
Michael Barillas
