Comment Text:
Dear Chairman and Commissioners,
My name is William Barrett, and I'm just a regular guy from a small town in Montana. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. Ive been using platforms like Kalshi almost daily to stay informed about big world events, and I strongly support the idea of well-regulated prediction markets. I believe theyre valuable for people like me, and I hope the CFTC will craft rules that let everyday citizens keep participating in a safe, legal way.
Im not a Wall Street trader or some big shot. Im just someone who wants to understand whats happening in the world, whether its an election outcome or some major policy change. Prediction markets on Kalshi give me information I cant get from news or polls. Ive noticed over and over that the prices on these markets are often more accurate than what pundits or surveys predict. Thats not just useful for me when I trade, its helpful for everyone who pays attention to these events. It feels like a democratized way to get a clearer picture of what might happen.
I also want to be clear that I dont see this as gambling. Trading on Kalshi takes real thought. I read up on issues, weigh the odds, and make decisions based on what I learn, just like I would with any investment. Calling event contracts gaming doesnt make sense to me. They serve a real purpose, helping people like me forecast and even hedge against uncertainties that affect our lives. Plus, Id much rather use a regulated platform like Kalshi, where theres oversight, than some sketchy offshore site with no rules. If you over-restrict or ban these markets, I worry folks will just go to less safe places, and thats worse for everyone.
I saw some of the questions in the ANPR, like numbers 7 and 15, about balancing innovation with consumer protection and how to define whats legitimate versus gaming. My take is simple: keep regulated markets accessible to regular people like me. Focus on enforcing the rules you already have against manipulation or insider trading, instead of shutting down entire markets. And please, dont treat this like gambling when its really about information and understanding.
Im asking the CFTC to support proportionate regulation of prediction markets. Dont ban or over-restrict them. Let folks like me keep using these tools to stay informed and engaged with the world, under rules that keep things fair and safe. Thanks for taking the time to read my thoughts.
Sincerely,
William Barrett
