Comment Text:
Dear Chairman and Commissioners,
My name is Andrew Lewis, and I'm just a regular guy from Wisconsin who wants to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm not a lawyer or a financial expert, just someone who actively trades on platforms like Kalshi and believes these markets have real value for people like me. I appreciate the chance to weigh in on how you approach regulating them.
I've been using prediction markets for a while now, mostly to get a sense of what's likely to happen with things like elections or economic data releases that affect my life. The information I get from the prices on these platforms often feels sharper than what I hear from news or polls. More than that, I value the freedom to participate in a legal, regulated market. It's not about gambling for me, it's about having a stake in understanding the world better. I worry that if the CFTC over-restricts or bans these markets, regular folks like me will lose access to something useful.
Here's my main concern: regulated markets like Kalshi are far safer than the unregulated offshore platforms out there. I've seen those other sites, and they're a mess, with no oversight or consumer protections. If you make it too hard to trade on legitimate, CFTC-regulated platforms, people aren't going to stop trading. They'll just go to those shady offshore sites instead, where there's no accountability. I think the CFTC should focus on keeping activity here, under your watch, where you can enforce the rules.
I also believe the CFTC already has strong tools to handle problems like manipulation or insider trading. I've read about your authority to go after bad actors in other markets, and I trust those same powers can work for prediction markets. There's no need for broad bans or heavy-handed restrictions. Instead, I'd urge you to focus on targeted, proportionate rules that address specific risks without shutting down the whole system. For instance, regarding Questions 29 to 32 in the ANPR about insider trading, I think the existing laws banning federal employees from trading on nonpublic info are a good start. Build on that, don't throw out the baby with the bathwater.
At the end of the day, I'm asking you to support regulated prediction markets with fair, balanced rules. Don't ban or over-restrict them. Keep platforms like Kalshi accessible to everyday people like me, and make sure the US stays a leader in this space rather than pushing activity offshore. Thanks for taking the time to read my thoughts.
Sincerely,
Andrew Lewis
