Comment Text:
Dear Chairman and Commissioners,
My name is Braylen Vang, and I'm a student from Wisconsin. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've been actively trading on platforms like Kalshi, and I strongly support the development of well-regulated prediction markets. I believe they provide unique value to society and to individuals like me who want to engage with the world in a meaningful way.
As a student, Im constantly learning about how information shapes decisions, whether in politics, economics, or everyday life. Prediction markets have been eye-opening for me. The prices on these platforms often cut through the noise of opinion polls or media spin, giving a clearer picture of what might happen. Thats not just useful for traders; its valuable for anyone trying to understand the world, from journalists to policymakers. Ive used these markets to inform my own thinking on issues like elections or economic indicators, and I think that kind of democratized access to information is worth protecting.
I also believe that participating in these markets is a right for regular people like me. Trading on Kalshi isnt gambling, no matter how some might classify event contracts. It takes research and judgment, just like investing in stocks. These contracts serve real purposes, like price discovery and even hedging personal risks. Calling this gaming feels like a misunderstanding of whats happening here. On top of that, I worry that banning or over-restricting these markets will just push activity to unregulated offshore platforms. Id much rather trade on a CFTC-regulated site like Kalshi, where there are protections in place, than be forced to less safe alternatives.
I want to touch on a couple of specific questions from the ANPR. Regarding Questions 7 and 8 under Public Interest, I think prediction markets balance innovation and consumer protection when regulated properly. They provide better information for everyone, not just traders. On Question 29 under Inside Information, I believe informed trading actually helps price discovery. If someone knows something relevant and trades on it legally, that improves the markets accuracy, which benefits us all. And honestly, I think the U.S. should be leading the way on financial innovation like this. We shouldnt let other countries take the lead while we hold back.
I understand there are concerns about manipulation or insider trading. Those are real issues, but the CFTC already has tools to address them. I hope youll focus on targeted rules rather than broad restrictions that could hurt legitimate participants. Please support proportionate regulation of prediction markets. Let platforms like Kalshi operate under clear, fair rules, and dont let over-regulation push people like me out of safe, legal markets.
Thank you for considering my perspective.
Sincerely,
Braylen Vang
