Comment Text:
Dear Chairman and Commissioners,
My name is John Doyan, and I'm a philosopher based in California. Im writing to express my support for the proportionate regulation of prediction markets as outlined in the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). Ive used prediction markets a few times myself, and I believe they serve an important purpose for individuals like me who value the freedom to participate in legal, regulated financial tools.
As someone who spends a lot of time thinking about ethics and societal structures, I see prediction markets as a unique way to aggregate information and give ordinary people a voice in forecasting events that shape our world. Theyre not just for big investors or institutions; they let someone like me, with limited means, engage with ideas and outcomes that matter. Ive placed a few trades on platforms like Kalshi, and I found the process required research and critical thinking, much like any other investment. Its not gambling. Its a way to participate in a broader conversation about the future.
What concerns me most is the risk of driving these markets underground. Regulated platforms like Kalshi, under CFTC oversight, provide transparency and accountability that you simply dont get with offshore, unregulated sites. If we over-restrict or ban these markets, people will still trade, just in less safe environments with no protections. Ive seen this kind of dynamic in other areas of life, where prohibition often backfires. We need fair and unbiased options that keep activity within a regulated framework, ensuring safety for participants and integrity for the markets.
I also want to address a concern I know the CFTC is wrestling with, particularly in questions 7 through 14 on public interest. I understand the need to protect consumers from potential manipulation or insider trading. But those risks already have legal safeguards in place, and the CFTC has the authority to enforce them. Banning or overly restricting prediction markets to address a few bad actors punishes everyone else who uses these tools responsibly. Instead, I urge you to focus on targeted rules that address specific risks without stifling innovation or access.
On a personal note, I value my freedom to engage in these markets as a way to think critically about political and social outcomes. I dont trust certain public figures, and I wont name names here, but having a space to put my money where my principles are feels like a small but real way to exercise agency. I hope the CFTC will consider the importance of access for regular citizens like me.
In closing, I ask that you support proportionate regulation of prediction markets. Keep them legal, keep them regulated, and ensure platforms like Kalshi can operate under fair rules that protect users without shutting us out. Thank you for considering my perspective.
Sincerely,
John Doyan
