Comment Text:
Dear Chairman and Commissioners,
My name is Javon Owens, and I'm just a regular guy from Nevada whos been following the conversation around prediction markets. I'm writing in response to the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've been trading on platforms like Kalshi for a while now, and I want to share why I think these markets are valuable and deserve fair regulation, not heavy-handed restrictions.
I got into prediction markets because they give me a way to make sense of uncertain events that affect my life. Whether it's an election that could change tax policies or a Federal Reserve decision that might mess with interest rates on my loans, these markets let me hedge real risks. It's not gambling, no matter what some folks say. I put in time to research and think through what's likely to happen, just like I would with any investment. Calling this "gaming" feels like a stretch when its really about protecting myself from things I cant control. I bet plenty of small businesses in Nevada feel the same, using these markets to plan around policy changes or economic shifts.
Whats more, I feel a lot safer trading on a regulated platform like Kalshi compared to some shady offshore site. If the CFTC clamps down too hard or bans these contracts outright, people like me arent just going to stop. Well get pushed to unregulated corners of the internet where theres no oversight at all. Thats a bigger risk than anything happening on a CFTC-registered market. Regulation should keep us safe, not drive us away.
I also know there are worries about manipulation or insider trading. I get it, those are real concerns. But arent there already laws and tools in place for that? The CFTC has plenty of authority to crack down on bad actors in other markets, so why not use those same powers here instead of punishing everyone by shutting things down? Im no expert, but it seems like overkill to ban a whole market just because a few might cheat.
I noticed a few of your questions in the ANPR hit on these points. Like Question 8, about balancing innovation with consumer protection, I think regulated prediction markets strike that balance by giving us useful tools while keeping things above board. And for Question 29, on inside information, Id say the focus should be on enforcing existing rules, not creating new barriers for regular traders like me.
Im asking you to support proportionate regulation for prediction markets. Dont ban or over-restrict them. Keep platforms like Kalshi accessible and safe for people who use them responsibly. Thanks for taking the time to read my thoughts.
Sincerely,
Javon Owens
