Comment Text:
Dear Chairman and Commissioners,
My name is Stephanie Vuong, and I'm a regular citizen from California writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I've been actively trading on platforms like Kalshi for a while now, and I strongly support the idea of well-regulated prediction markets. I believe they provide real value to people like me and to society as a whole, and I hope the CFTC will craft rules that allow them to thrive.
I first got into prediction markets because I wanted better information about things that affect my life, like election outcomes and economic events. I've found that the forecasts on these platforms are often much more accurate than what I see from polls or pundits on TV. That kind of clarity helps me make decisions, and I think it benefits everyone when we have access to better data. Plus, trading on these markets isn't just a game to me. It takes research and judgment, much like investing in stocks. Calling event contracts "gaming" feels wrong when they serve real purposes, like helping people hedge against risks. For example, Ive used Kalshi to offset potential impacts from policy changes that could affect my personal finances. Thats not gambling; its planning.
I also worry that banning or overly restricting these markets would push activity to unregulated offshore platforms. I've seen what regulated markets like Kalshi offer in terms of transparency and safety, and Id much rather trade there than on some sketchy site with no oversight. If the U.S. cracks down too hard, regular folks like me lose access to safe, legal options. And honestly, I think the U.S. should be leading the way in financial innovation, not letting other countries take the reins.
Id like to address a couple of specific questions from the ANPR. On Question 7, about balancing innovation and consumer protection, I believe proportionate regulation is the answer. Targeted rules to address risks like manipulation make sense, but broad bans hurt more than they help. On Question 15, regarding defining gaming versus legitimate markets, I urge the CFTC to recognize that event contracts have economic value through hedging and price discovery. And on Question 29, about inside information, I think informed trading actually improves accuracy and benefits all participants, as long as existing laws against insider trading are enforced.
Prediction markets are a tool I value, and Im asking the CFTC to support their growth with fair, balanced regulation. Dont shut them down or over-restrict them. Let regular people like me continue to participate in safe, regulated spaces.
Sincerely,
Stephanie Vuong
