Comment Text:
Dear Chairman and Commissioners,
My name is Namiah Miller, and I'm an everyday citizen from California 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 believe they have real value, both for me personally and for society at large. I'm asking you to support fair, proportionate regulation of these markets rather than imposing broad restrictions or bans.
I value the freedom to participate in legal, regulated markets like these. Prediction markets aren't just a game or a hobby. They're a way to access information that I can't find anywhere else, whether it's about political events, economic trends, or other uncertainties that affect my life. Unlike gambling, trading on these platforms requires research and judgment, much like investing in stocks. Classifying event contracts as "gaming" feels wrong to me because they serve legitimate economic purposes, like helping people understand risks and make better decisions. I urge you to consider this when addressing questions 15 through 22 about listed activities and how to define these markets.
I also believe that proportionate, targeted regulation is the way to go instead of sweeping categorical bans. I've read about concerns like insider trading or manipulation, and I get that those are real issues. But the CFTC already has tools to tackle bad actors, and banning entire markets to stop a few wrongdoers punishes everyone else. It's like closing a highway because some people speed. Focus on enforcing existing laws and creating specific rules for specific risks. This ties into questions 7 through 14 on balancing innovation with consumer protection, and I think the balance should lean toward allowing access while policing abuse.
Finally, I want to speak to the idea of informed trading, as mentioned in questions 29 through 32. When people with knowledge trade, it makes the market prices more accurate, and that benefits everyone, not just traders. I don't trade with insider info, but I rely on the prices reflecting the best available data. Shutting down markets over fears of insider trading would mean losing that collective wisdom, which helps me and others make sense of a complicated world.
Prediction markets matter to regular people like me. They've helped me think through risks and possibilities in ways polls or news just don't. Please regulate them in a way that keeps them accessible and safe, without over-restricting or banning them outright. Thank you for considering my perspective.
Sincerely,
Namiah Miller
