Comment Text:
Dear Chairman and Commissioners,
My name is Jesus Rojas, and I'm a 22-year-old college student from New York. I'm writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I'm pretty new to prediction markets, but I strongly support having access to legal, regulated platforms for them. As a student, Im also passionate about academic research and data transparency, and I believe these markets can play a big role in both.
I recently joined Kalshi, a regulated prediction market platform, partly to learn more about how these markets work, but also in hopes of making a little extra money to help my mom with her bills. College isn't cheap, and every bit helps. What struck me right away is how different a regulated platform like Kalshi feels compared to some of the sketchy offshore sites I've read about. On a regulated market, I know there are rules in place to protect users like me. If prediction markets get banned or overly restricted, people will just turn to unregulated platforms that dont have any oversight. That seems way riskier to me, and I think the CFTC should focus on keeping these markets safe and accessible here in the US.
I also believe the United States should be a leader in financial innovation. If we clamp down too hard on prediction markets, other countries will step in and take the lead. We have the chance to set the standard for how these markets should work, with proper regulation to prevent abuse. As a student, Ive read about how prediction markets can provide valuable data and insights, often more accurate than polls or expert opinions. This kind of information could be a goldmine for academic research and public policy, but only if these markets are allowed to operate and grow under clear rules.
Id like to address a couple of specific questions from the ANPR. On Question 7, about balancing innovation and consumer protection, I think regulation should support new ideas like prediction markets while setting up guardrails, not roadblocks. And on Question 15, regarding what activities should be allowed, I believe everyday people like me should have the freedom to participate in legal markets as long as theyre regulated to prevent fraud or manipulation.
Im just starting to understand prediction markets, but I can see their potential, both for individuals trying to make ends meet and for society to gain better insights. I urge the CFTC to support proportionate regulation that keeps these markets safe and open, rather than banning or over-restricting them. Thank you for considering my perspective.
Sincerely,
Jesus Rojas
