Comment Text:
Dear Chairman and Commissioners,
My name is Christopher Barrie, and I'm just an everyday citizen from Virginia 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 myself, and I strongly support regulating them in a way that's fair and practical, without shutting them down or over-restricting access.
Ive always been fascinated by how prediction markets can cut through the noise of polls and pundits to give a clearer picture of what might happen with elections or big public events. The first time I used a platform, I was trying to get a sense of an election outcome that could impact my familys budget. The forecasts werent just guesses; they felt grounded in real crowd wisdom. I think that kind of accuracy is valuable for everyone, not just traders, and its something we should encourage.
What I like most is that these markets let regular people like me participate. Its not perfect, but it feels democratic. If only big institutions can play, all the good information stays locked up with them. Plus, Ive used these markets to offset some personal risks. For example, I once traded on an event contract tied to a policy change that couldve hit my small side business. That kind of hedging isnt gambling; its practical, just like buying insurance or investing in stocks. I dont see why event contracts should be labeled as gaming when they serve real economic purposes like price discovery and risk management.
I also worry that if we clamp down too hard, people will just turn to unregulated offshore platforms. Id much rather see markets like Kalshi, which are under CFTC oversight, thrive here in the U.S. Regulated markets are safer, with consumer protections built in. Banning or over-regulating them would push activity to sketchy venues and hurt U.S. competitiveness in financial innovation. We should be leading on this, not falling behind.
Addressing some of your specific questions, like those in Topic Area B on public interest (Questions 7-14), I think the CFTC should focus on balancing innovation with consumer protection by setting clear rules, not broad bans. And on Topic Area E (Questions 29-32) about inside information, I believe informed trading actually helps make prices more accurate, benefiting everyone in the market. Existing laws already cover insider trading and manipulation, so lets enforce those instead of punishing honest participants.
Im asking you to support proportionate regulation of prediction markets. Please dont ban or over-restrict them. Lets keep these tools accessible, safe, and innovative right here in the U.S.
Sincerely,
Christopher Barrie
