Comment Text:
Dear Chairman and Commissioners,
My name is Jammie Pietri, and I'm a business owner based in New York. Im writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I actively trade on platforms like Kalshi, and I strongly support the development of well-regulated prediction markets in the United States. Theyve been incredibly useful to me, both personally and for my business, and I believe they offer real value to society when done right.
As a business owner, I deal with uncertainty every day. Whether its an election outcome that could shift tax policies or a Federal Reserve decision that impacts interest rates, these events affect my bottom line. Trading on prediction markets lets me hedge some of that risk. For example, Ive used Kalshi to offset potential financial hits from policy changes tied to election results. Beyond that, the prices on these markets often give me insights I cant find in polls or news. Ive seen firsthand how prediction markets cut through the noise of pundits and provide forecasts that are just more accurate. That kind of information isnt just helpful to traders like me; its valuable to anyone trying to make sense of the future, from journalists to policymakers.
I also value the freedom to participate in legal, regulated markets. Platforms like Kalshi, under CFTC oversight, are safe and transparent. If we over-restrict or ban these markets, people wont stop trading. Theyll just move to unregulated offshore sites where theres no consumer protection at all. Id much rather see the U.S. lead in financial innovation, setting a global standard for how prediction markets should work, instead of ceding that space to other countries.
Addressing some of your specific questions, like those in Topic B on public interest (Questions 7-14), I believe prediction markets serve a clear public good through price discovery and risk management. Theyre not gambling; theyre a tool for informed decision-making, much like trading stocks or commodities. On Topic E (Questions 29-32), I think informed trading actually improves price discovery and benefits everyone. And while concerns about manipulation or insider trading are valid, the CFTC already has strong tools to tackle those issues. Banning or over-restricting markets punishes honest participants like me instead of targeting bad actors.
I urge you to adopt proportionate, targeted regulations for prediction markets rather than broad categorical bans. Focus on specific risks with the tools you have, and keep these markets accessible to everyday people and businesses. Lets keep the U.S. at the forefront of financial innovation while ensuring consumer protection through smart oversight.
Thank you for considering my input.
Sincerely,
Jammie Pietri
