Comment Text:
Dear Chairman and Commissioners,
My name is Miguel Salazar, and I'm just a regular citizen from Texas writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. Im not a trader or a financial expert, but Ive been following prediction markets for a while now because I find them incredibly useful for understanding whats happening in the world, especially during election seasons. I want to express my support for well-regulated prediction markets and urge the CFTC to create rules that protect consumers without shutting down this valuable tool.
I dont trade on these platforms myself, but I check the odds and predictions often, especially on sites like Kalshi. For me, these markets cut through the noise of pundits and polls. Ive seen them predict election outcomes with way more accuracy than most news outlets. Thats information I cant get anywhere else, and I think its a public good for everyone, not just traders. During the last election cycle, I remember refreshing prediction market data to get a clearer picture of tight races in Texas and beyond. It helped me feel more informed, even as someone whos not betting money.
What worries me is the idea of over-restricting or banning these markets. I understand there are concerns about manipulation or insider trading, and those are real issues. But the answer isnt to shut things down. Its to regulate them properly. Platforms like Kalshi, which operate under CFTC oversight, seem much safer to me than unregulated offshore sites. If you make it too hard for legitimate markets to operate in the U.S., people will just turn to those sketchy alternatives where theres no protection at all. Id rather see the CFTC focus on strong rules that keep things fair and transparent here at home.
I noticed some of the questions in the ANPR, like Question 7 on balancing innovation with consumer protection, and Question 14 on whether these markets serve a public interest. I think they absolutely do serve a public interest by giving regular folks like me access to better information. And on innovation, I believe the U.S. should be leading the way, not pushing this activity overseas. As for Question 29 about insider trading risks, I get the concern, but isnt that already illegal? The CFTC should enforce existing laws rather than punish everyone by limiting these markets.
Im just one voice from Texas, but I hope youll consider how useful prediction markets are for people like me who want to stay informed. Please support proportionate regulation that keeps these markets safe and accessible without over-restricting them. Thank you for taking the time to read my comment.
Sincerely,
Miguel Salazar
