Comment Text:
Dear Chairman and Commissioners,
My name is Akash Bhagwat, and I'm a student from California. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. As someone who actively trades on platforms like Kalshi, I strongly support the idea of well-regulated prediction markets and urge the CFTC to craft rules that protect consumers while allowing innovation and participation.
Being a student, money is often tight. Trading on prediction markets has been a real help for me. It's not just about the extra cash, though that goes a long way toward covering books and living expenses. It's also about the chance to use my knowledge and research skills to make informed decisions. Platforms like Kalshi let someone like me, a regular person, earn a little on the side without needing to jump through the hoops of traditional investments. I read up on current events, analyze trends, and make trades based on what I think will happen. That feels empowering, not like gambling.
I understand there are concerns about risks like manipulation or insider trading, and I agree those need to be addressed. But banning or over-restricting these markets isn't the answer. I've seen firsthand how a regulated platform like Kalshi provides clear rules, transparency, and safety. If the CFTC clamps down too hard, people like me will just turn to unregulated offshore sites with no oversight. That seems way riskier for consumers. Instead, I think the CFTC should focus on targeted rules to tackle specific problems, as you ask about in Questions 1 and 29 from the ANPR. Strong enforcement of existing laws against manipulation and insider trading can work without broad bans.
I also believe the US should be a leader in financial innovation. If we over-regulate prediction markets, we're handing the advantage to other countries that are more open to new ideas. As you discuss in Question 7 about balancing innovation and protection, I think we can have both. Regulated markets encourage informed trading, which improves price discovery for everyone, not just traders. That's a public good, as touched on in Question 29.
I'm just one voice, but I hope you'll consider the perspective of regular people like me who benefit from these markets. Please support proportionate regulation that keeps prediction markets accessible on safe, US-based platforms. Don't push activity offshore by over-restricting or banning categories of contracts. Let's keep the US at the forefront of innovation while protecting consumers through smart oversight.
Thank you for considering my input.
Sincerely,
Akash Bhagwat
