Comment Text:
Dear Chairman and Commissioners,
My name is Ajaybir Singh, 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. Ive been actively trading on platforms like Kalshi, and I want to express my strong support for well-regulated prediction markets. Theyre not just a fun and legal way to engage with the world, but they also provide real value to people like me and to society as a whole.
I got into prediction markets because I love the challenge of forecasting events, especially elections and other public happenings. The prices on these platforms often give insights you cant find in polls or news punditry. Ive seen firsthand how they cut through the noise and offer a clearer picture of what might happen. Plus, participating feels empowering. Its a way for regular folks like me to have a stake in understanding and predicting the world, not just leaving it to big institutions or so-called experts.
What I really appreciate about platforms like Kalshi is that theyre regulated. I feel safer trading on a CFTC-registered market than I would on some sketchy offshore site with no oversight. If we over-restrict or ban these markets, people arent going to stop trading. Theyll just go to unregulated platforms where theres no protection at all. Thats a worse outcome for everyone. I also think the US should be a leader in financial innovation. We shouldnt let other countries take the lead on something that could be a powerful tool for forecasting and economic participation.
I know there are concerns about things like manipulation or insider trading, and I get that. But the CFTC already has rules and tools to tackle those issues in other markets. Why not apply them here instead of shutting down something valuable? Im particularly interested in your questions 7 and 14 under the Public Interest section of the ANPR. I believe prediction markets do serve the public good by improving forecasts and letting everyday people participate. Theyre not gambling, theyre a form of informed speculation, just like trading stocks or commodities.
I also want to touch on question 29 about inside information. Yes, theres a risk, but informed traders can actually make prices more accurate, which helps everyone. The answer isnt to ban these markets but to enforce the laws we already have against insider trading.
In closing, I urge the CFTC to support proportionate regulation of prediction markets. Dont ban or over-restrict them. Keep platforms like Kalshi accessible to people like me, with safeguards in place to address real risks. Thanks for taking the time to read my thoughts.
Sincerely,
Ajaybir Singh
