Comment Text:
Dear Chairman and Commissioners,
My name is Ronald Jarosz, and I'm an everyday citizen from Massachusetts writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm not a financial expert or a lawyer, just someone who has found value in participating in prediction markets like Kalshi, and I want to urge the CFTC to support well-regulated markets rather than over-restricting or banning them.
I care about this issue because prediction markets give regular people like me a real voice. Unlike other systems that can feel rigged or designed to trick you into losing, these markets put power back in the hands of participants. I've been trading on Kalshi for a while now, and it's not about gambling. It's about researching, thinking through events, and making informed decisions, just like I would with any investment. The prices on these markets often tell me things I can't find in news articles or polls. That information isn't just useful to traders; it helps everyone understand what's really likely to happen, from election outcomes to economic shifts.
One thing I'm especially concerned about is consumer protection, which ties into your questions 7 through 14 on public interest. I believe regulated prediction markets are far safer than the alternative. If the CFTC clamps down too hard, people won't stop trading; they'll just move to offshore platforms with no oversight. I've seen how Kalshi operates under CFTC rules, with clear guidelines and transparency. That protects me as a trader. Pushing activity to unregulated sites would expose people to scams and manipulation, which is the opposite of protection. Regulation keeps us safe, and I think the CFTC should focus on strengthening that framework instead of broad restrictions.
I also want to touch on questions 29 to 32 about inside information. I understand the worry about insider trading, but I believe informed trading actually improves price discovery for everyone. When people with real knowledge trade, the market prices get more accurate, and that benefits all participants, not just the traders. The CFTC already has laws and tools to go after insider trading and manipulation in other markets. Use those here too, rather than punishing everyone by shutting down prediction markets. A few bad actors shouldn't ruin a system that works for the rest of us.
I'm asking the CFTC to support proportionate regulation that allows prediction markets to thrive while addressing specific risks with targeted rules. Don't let heavy-handed bans or restrictions push this valuable tool out of reach for everyday people like me. Thank you for considering my perspective.
Sincerely,
Ronald Jarosz
