Comment Text:
Dear Chairman and Commissioners,
My name is Jarret Fall, and I'm just an everyday citizen from Ohio writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I've used prediction markets a few times, and I believe they have real value when properly regulated. I want to urge the CFTC to support fair and balanced rules that let regular people like me participate in these markets without pushing activity to risky, unregulated platforms.
I value my freedom to take part in legal, regulated markets. Prediction markets aren't just a game, they're a way for people like me to engage with real-world events and make informed decisions. I've used platforms like Kalshi, which is regulated by the CFTC, and I feel much safer there than I would on some offshore site with no oversight. If the CFTC bans or over-restricts these markets, it won't stop people from participating. It will just drive us to unregulated places where there are no protections. That seems like the opposite of what regulation should do.
I also think the US needs to stay competitive in financial innovation. If we clamp down too hard on prediction markets, other countries will take the lead, and we'll miss out on the benefits. The CFTC already has strong tools to handle issues like manipulation and insider trading in other markets. I trust those same tools can work here without needing broad bans that hurt regular participants. For instance, in response to Questions 29-32 on insider trading, I believe the existing laws and CFTC authority are enough to tackle bad actors without shutting down entire markets.
On Questions 7-14 about public interest, Id argue that proportionate regulation strikes the right balance between protecting consumers and allowing innovation. Targeted rules addressing specific risks make more sense than categorical restrictions that punish everyone. I've seen firsthand how prediction markets can provide unique insights, and I don't want to lose access to that because of overly broad policies.
I'm not an expert, just a regular person who sees value in these markets. I ask that the CFTC create rules that let everyday citizens participate in safe, regulated environments like Kalshi, without driving activity offshore. Please focus on fair, targeted regulation instead of heavy-handed bans. Thank you for considering my input.
Sincerely,
Jarret Fall
