Comment Text:
Dear Chairman and Commissioners,
My name is Landon Richards, and I'm a healthcare professional from Tennessee. I'm writing to express my strong support for the proportionate regulation of prediction markets as outlined in the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I've been actively trading on platforms like Kalshi for a while now, and I believe these markets serve a valuable purpose for individuals like me and for society as a whole.
As someone working in healthcare, I face a lot of financial uncertainty. Changes in policy, like new regulations or shifts in insurance coverage due to elections, can directly impact my income and job stability. Prediction markets give me a way to hedge against some of that risk. For example, I've used Kalshi to place trades on election outcomes that could affect healthcare funding or reimbursement rates. It's not a perfect shield, but it helps me plan and protect my family's finances when big changes are looming. I know small businesses in my community, like local clinics, could use these tools for the same reason, to brace for policy shifts that might hurt their bottom line.
I understand the concern that some people see this as gambling dressed up as something else. I get why folks might think that at first glance. But trading on these markets isn't just tossing dice. It takes real thought, research, and judgment about the world, much like investing in stocks or commodities. The prices on these platforms often give insights you can't find in polls or news, and that benefits everyone, not just traders. Plus, shutting down prediction markets to stop a few bad actors, like insiders, feels like overkill. It's already illegal for federal employees to trade on nonpublic info, and the CFTC has tools to tackle manipulation. Why punish regular folks like me by banning a useful tool?
I'm particularly interested in your questions on hedging utility and public interest, like Questions 9 and 10. I think prediction markets clearly help with risk management for individuals and businesses, and they provide unique information through price discovery. On Questions 29 and 30 about insider trading, I believe the focus should be on enforcing existing laws, not restricting entire markets. Targeted rules can address those risks without throwing out the benefits.
I urge you to support well-regulated prediction markets that allow regular people to participate. Don't ban or over-restrict them. Let's keep the U.S. leading in financial innovation while protecting consumers with sensible oversight.
Sincerely,
Landon Richards
