Comment Text:
Dear Chairman and Commissioners,
My name is Robert Finberg, and I'm an everyday citizen from California writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. Im not a lawyer or a financial expert, just a regular person who has been actively trading on prediction markets like Kalshi for a while now. I strongly support the idea of well-regulated prediction markets, and I hope the CFTC will create rules that let people like me keep participating in these legal, safe platforms.
Ive found prediction markets to be incredibly useful. They give me insights into events that affect my life, like elections or economic policies, in a way that polls or news just cant match. Trading on Kalshi isnt gambling to me. It takes research and real thought, kind of like when I invest in stocks. Im not just tossing money around; Im making informed decisions based on what I learn. Plus, having access to these markets feels fair. If only big institutions or wealthy investors could trade, all that valuable information would stay locked up with them. Letting regular folks like me participate makes the system more open and the predictions better.
What I really care about is the freedom to take part in legal, regulated markets. Platforms like Kalshi, which operate under CFTC oversight, are a safe place for me to trade. I know there are rules in place to protect users and prevent bad behavior like manipulation. Thats a stark contrast to unregulated offshore platforms, which Ive read about and wouldnt touch. Those sites have no oversight, no accountability. If the CFTC over-restricts or bans prediction markets here, people will just turn to those risky alternatives. That seems like the opposite of protecting consumers. Regulated markets keep things transparent and safe, and Id rather see the CFTC focus on strengthening that system than pushing activity into the shadows.
I noticed some of the questions in the ANPR, like numbers 7 and 8 under Public Interest, ask about balancing innovation with consumer protection. My view is simple: regulated platforms already strike that balance. They let innovation happen while keeping guardrails in place. And on question 29 about inside information, I think the laws we already have against insider trading are enough. The CFTC doesnt need to ban markets to stop a few bad actors; just enforce whats on the books.
I urge you to support proportionate regulation for prediction markets. Please dont ban or over-restrict them. Keep platforms like Kalshi accessible to everyday people like me, under clear and fair rules that prioritize safety without stifling opportunity.
Thank you for considering my input.
Sincerely,
Robert Finberg
