Comment on CFTC-2026-0331, CFTC-2026-0331-0001, Anthony, Herrera

Dear Chairman and Commissioners, My name is Anthony Herrera, and I'm a regular citizen from California writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. Im not a financial expert or a lawyer, just someone who has actively traded on prediction markets like Kalshi and believes they serve a valuable purpose when properly regulated. I support prediction markets because they give people like me a chance to participate in a legal, transparent system for forecasting events that matter to us. Ive used Kalshi to trade on outcomes like election results and economic indicators, and its not just a game to me. Its a way to engage with the world, do my own research, and make informed decisions. The data these markets produce often feels more reliable than what I see in polls or news, and Ive read academic studies, like those from economists such as Justin Wolfers, showing how prediction markets aggregate information better than many other methods. That transparency benefits everyone, not just traders. What worries me is the idea of over-restricting or banning these markets. I understand the need for consumer protection, and Im all for rules that prevent manipulation or insider trading. But broad categorical bans dont solve those problems; they just push people like me toward unregulated offshore platforms that have no oversight. Id much rather trade on a CFTC-regulated market like Kalshi, where there are clear rules and accountability, than take my chances with some sketchy overseas site. Regulation keeps us safe, while bans drive activity into the shadows. Id like to address a couple of specific questions from the ANPR. On Question 7, about balancing innovation and consumer protection, I think the answer is clear: proportionate regulation lets innovation thrive while protecting users. Targeted rules to address specific risks, as asked in Question 15 about defining legitimate markets, make more sense than sweeping prohibitions. If there are concerns about certain types of contracts, deal with those directly instead of punishing everyone by shutting down entire markets. I also value the data transparency that regulated markets provide. When trades are public and overseen by the CFTC, we all get better information. Thats lost if activity goes offshore. So my ask is simple. Please support well-regulated prediction markets with rules that focus on real risks without overreaching. Let regular people like me continue to participate in a safe, legal way. Thank you for considering my input. Sincerely, Anthony Herrera