Comment Text:
Dear Chairman and Commissioners,
My name is Kevin Akoto, and I'm just a regular citizen from Florida writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I've used prediction markets a few times, and I believe they have real value for people like me. I'm asking you to support fair, proportionate regulation of these markets rather than banning or over-restricting them.
Ive always found it hard to get reliable information about whats going on in the world. News outlets have their biases, and polls can be all over the place. Prediction markets, though, seem to cut through a lot of that noise. The prices reflect what people actually think will happen, based on their own research and judgment. That kind of information isnt just useful for traders, its helpful for anyone trying to make sense of big events, whether its an election or an economic shift. Ive checked these platforms a few times to get a clearer picture of things that matter to me, like political outcomes that could affect my taxes or local policies here in Florida. Its been eye-opening.
Im worried, though, that if the CFTC puts too many restrictions on prediction markets or bans certain types of contracts, itll push all this activity offshore to unregulated platforms. Ive seen what happens when things get driven underground. Its not safer for anyone. People will still trade, but theyll do it on sketchy foreign sites with no oversight, no consumer protections, and no way for the CFTC to step in if something goes wrong. Keeping these markets regulated here in the US, under your watch, seems like the better choice. Its not perfect, I get that. Theres always a risk of manipulation or insider trading, but those are already illegal, and youve got tools to handle bad actors without shutting everything down.
I noticed a few of your questions in the ANPR that relate to what Im saying. For instance, in Question 7 under Public Interest, you ask about balancing innovation with consumer protection. I think regulated prediction markets are innovative and can be protected with the rules you already have. And in Question 15 under Listed Activities, you bring up defining whats allowed. Id urge you not to draw overly tight lines that push legitimate markets out of reach.
Please consider the value these markets bring to regular folks like me who just want better information to navigate our lives. Dont let heavy-handed rules drive this useful tool offshore. I support smart regulation that keeps prediction markets accessible and safe under CFTC oversight.
Thank you for taking the time to read this.
Sincerely,
Kevin Akoto
