Comment on CFTC-2026-0331, CFTC-2026-0331-0001, Nicky, Misquitta

Dear Chairman and Commissioners, My name is Nicky Misquitta, and I'm a student from Pennsylvania writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets, as published in 91 FR 12516. I've been actively trading on platforms like Kalshi, and I believe well-regulated prediction markets are valuable for individuals like me, for academic research, and for society as a whole. I want to urge the CFTC to support proportionate regulation rather than overly restrictive rules or bans. As a student, Ive seen firsthand how prediction markets provide data and insights you cant get from polls or pundits. Ive used platforms like Kalshi to follow election forecasts and public events, and the prices often reflect a clearer picture than what I hear in the news. This isnt just useful for traders; its information that benefits everyone, from journalists to policymakers. Ive also read academic studies showing how these markets aggregate information efficiently, often outperforming traditional forecasting methods. This ties directly to my interest in data transparency and better decision-making tools for the public. I also value the freedom to participate in legal, regulated markets. Platforms like Kalshi, operating under CFTC oversight, are far safer than unregulated offshore sites. If the CFTC over-restricts or bans these markets, I worry that activity will just move to less safe venues where theres no oversight at all. Thats a worse outcome for everyone. The US has a chance to lead in financial innovation here, setting a global standard for how prediction markets should work. We shouldnt cede that opportunity to other countries by being too cautious. I understand there are concerns about manipulation or insider trading, and those are valid issues to address. But the CFTC already has strong tools to prevent fraud and abuse in other derivatives markets. Those same tools can be applied here without resorting to broad restrictions. Plus, informed trading often improves price discovery, making market predictions more accurate and useful for all of us. Id like to reference Questions 29-32 from the ANPR on inside information. I believe the focus should be on enforcing existing laws against misuse of nonpublic information rather than limiting who can trade or what contracts can be offered. Prediction markets arent just a niche hobby for me; theyre a way to engage with real-world events and understand probabilities better. I hope the CFTC will craft rules that protect consumers while allowing these markets to thrive. Please support proportionate regulation that keeps innovation and participation alive in the United States. Thank you for considering my input. Sincerely, Nicky Misquitta