Comment Text:
Dear Chairman and Commissioners,
My name is Joseph Bowers, and I'm just a regular citizen from Arkansas writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm not a big shot or a financial expert, just someone who believes in a fair shot for everyone to make informed decisions and maybe earn a little by hedging on what we know. I've used prediction markets a few times, and I see real value in them, but I also see problems that need fixing with good regulation, not outright bans.
I support prediction markets because they give folks like me a chance to participate in something that isn't just for Wall Street insiders. The information these markets provide, like forecasts on elections or economic events, often feels more reliable than what you hear from talking heads on TV. Its not gambling to me; its about doing your homework and making a judgment call, just like any other investment. But I get frustrated when I think about how people in powerful positions, or even their friends and family, can game the system with inside info. That ruins it for the rest of us who are playing fair. Id like to see regulations that tie those connections together, so no ones profiting off what they shouldnt know.
Im worried that if the CFTC over-restricts or bans these markets, people will just turn to offshore platforms with no oversight at all. Thats worse for consumer protection than having a regulated market here in the US, like Kalshi, even if theyve got flaws. For instance, Ive had issues with Kalshi not showing clear evidence on why I won or lost a bet. Theres no timestamp or video clip, just a result, and Im left digging for answers. Better rules could fix that transparency. The US should be leading on this kind of financial innovation, not letting other countries take over while we fall behind.
On some of the questions youve asked, like in Topic E about inside information (Questions 29-32), I think informed trading can actually help make prices more accurate, which benefits everyone. But theres got to be strict enforcement against true insider trading, especially by federal officials or their circles. And on Topic B about public interest (Questions 7-14), I believe the balance should lean toward targeted rules that address specific risks like manipulation, not broad bans that punish everyone.
Im asking you to support proportionate regulation of prediction markets. Dont shut them down or make it impossible for regular people to participate. Focus on the bad actors and transparency issues instead. That way, folks like me can keep using these tools legally and safely right here at home.
Sincerely,
Joseph Bowers
