Comment Text:
Dear Chairman and Commissioners,
My name is Duc Le, and I'm just a regular citizen from Oregon writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've used prediction markets a few times, and I strongly believe they should be regulated in a way that allows everyday people like me to participate without pushing activity into risky, unregulated spaces.
I support well-regulated prediction markets because they give me a chance to engage with events that matter to me, whether it's politics, economics, or other big issues. I've found that the forecasts on these platforms are often way more accurate than what I see from polls or pundits on TV. A few years back, I remember checking a prediction market about an election outcome, and it was spot on when the experts were all over the place. That kind of information isn't just helpful for traders; it's valuable for anyone trying to understand what's really going on. If regular folks like me can't access these markets, that insight stays locked up with big players, which doesn't seem fair.
What worries me is the idea of over-restricting or banning these markets. I get that there are concerns about things like manipulation or insider trading, but those are already illegal, and the CFTC has the tools to deal with bad actors. Shutting down regulated platforms like Kalshi, which operate under clear rules, would just push people to unregulated offshore sites. I've looked at some of those sites out of curiosity, and they feel like the Wild West, no oversight at all. I'd much rather trade on a market where I know the CFTC is watching out for fraud and keeping things fair. Isn't that the whole point of regulation?
Looking at some of the questions in the ANPR, I want to address Question 7 under Public Interest. I think prediction markets serve the public good by providing better information and letting regular people participate, not just Wall Street. And on Question 23 under Procedural Aspects, I believe the CFTC should focus on regulating specific risks rather than banning whole categories of contracts. Target the problems, not the entire market.
I'm not an expert, just someone who values the freedom to take part in legal, regulated markets. I hope you'll create rules that protect consumers without shutting us out. Please support proportionate regulation for prediction markets so they can keep providing useful information and a level playing field for everyone.
Sincerely,
Duc Le
