Comment Text:
Dear Chairman and Commissioners,
My name is Remy Omori, and I'm an everyday citizen from Hawaii writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I actively trade on regulated prediction markets like Kalshi, and I strongly support the CFTC creating a fair framework for these markets rather than banning or overly restricting them.
I got into prediction markets a couple of years ago because I wanted a way to engage with big events that affect my life, like elections or economic shifts. Living in Hawaii, we're often a bit removed from the mainland's fast-paced news cycle, so trading on Kalshi gives me a real stake in understanding what's happening. It's not just about making a few bucks. It's about having access to information and forecasts that I can't get from TV or social media. The prices on these markets often seem sharper than what pundits predict, and I think that benefits everyone, not just traders like me.
What worries me is the idea of banning or heavily restricting these markets. If that happens, people won't just stop trading. They'll go to offshore platforms that aren't regulated at all. I've seen some of those sites, and they're sketchy, with no oversight or protection if something goes wrong. Kalshi, on the other hand, operates under CFTC rules, which makes me feel safer knowing there's accountability. Pushing activity offshore would be a step backward, and I think the U.S. should be leading the way on financial innovation instead of letting other countries take the reins.
I also believe that informed trading makes these markets better for everyone. When people who really know an issue trade, the prices get more accurate. That's not a flaw, it's a strength. It helps regular folks like me make better decisions, whether I'm trading or just watching the odds. I understand the CFTC's concern about insider trading, as raised in questions 29 to 32 of the ANPR, but I think the answer is enforcing existing laws, not shutting down entire markets. Bad actors should face consequences, but punishing everyone else by limiting access isn't fair.
I'm not saying there shouldn't be rules. I get that manipulation or fraud could be a problem, and I appreciate the CFTC asking about balancing innovation with protection in questions 7 to 14. But I hope you'll focus on targeted regulations that keep markets like Kalshi safe and open to everyday people like me. Don't let over-restriction push us to unregulated corners of the internet.
Thank you for considering my perspective. I urge you to support proportionate regulation of prediction markets and keep the U.S. at the forefront of financial innovation.
Sincerely,
Remy Omori
