Comment Text:
Dear Chairman and Commissioners,
My name is Raymond Conde, and I'm just 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, but I do actively trade on platforms like Kalshi, and Ive come to see the value of these markets. I want to urge the CFTC to support well-regulated prediction markets rather than imposing heavy restrictions or bans.
I got into trading on prediction markets because I wanted a way to engage with events that affect my life, like elections or economic decisions. Its not just about making a few bucks, though thats nice. Its about having access to information and insights I cant get from news or polls. The prices on these platforms often seem more accurate than what I hear from pundits, and that helps me make better decisions, even outside of trading. I believe this kind of information benefits everyone, not just traders like me.
What I care about most is the freedom to participate in legal, regulated markets. Platforms like Kalshi, which operate under CFTC oversight, give me confidence that there are rules in place to prevent manipulation or fraud. Ive looked at some offshore, unregulated sites, and theyre a mess. No oversight, no accountability. If the CFTC cracks down too hard on regulated markets, people like me will get pushed to those shady platforms instead. Thats not safer for anyone. I think the CFTC should focus on keeping regulated markets strong and accessible, which ties into your questions 7 and 8 in the ANPR about balancing innovation with consumer protection. Regulation should protect us, not shut us out.
I also want to address a concern I know comes up, like in questions 29 through 32 about insider trading. I get why thats a worry, but banning or over-restricting prediction markets isnt the answer. Insider trading is already illegal, and the CFTC has tools to catch bad actors. Punishing everyone by limiting these markets feels unfair, especially when they offer real value for hedging risks or understanding events.
Im just one person, but I think my experience shows why prediction markets matter. Theyre not gambling to me; theyre a tool for insight and protection against uncertainty. I respectfully ask the CFTC to craft rules that support proportionate regulation, allowing everyday citizens like me to participate in safe, regulated environments without driving activity to risky offshore platforms.
Thank you for considering my perspective.
Sincerely,
Raymond Conde
