Comment on CFTC-2026-0331, CFTC-2026-0331-0001, Windrum, Gregory

Dear Chairman and Commissioners, My name is Windrum Gregory, and I'm a trader and investor from Virginia. I've been actively trading on prediction markets like Kalshi for a while now, and Im writing to express my strong support for well-regulated prediction markets in response to the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I believe these markets provide unique value to individuals like me, as well as to society at large, and I urge the CFTC to craft rules that encourage their growth while addressing legitimate risks. As a trader, Ive seen firsthand how prediction markets produce forecasts that are often more accurate than polls or pundits. Whether its an election outcome or a major public event, the aggregated wisdom of these markets cuts through noise and bias in a way traditional sources just cant match. This isnt just useful for traders; its better information for everyone, from policymakers to regular citizens trying to make sense of the world. I also value the transparency and data that come from these platforms. Academic research backs this up, showing how prediction markets improve price discovery and information aggregation. I think thats something worth protecting. Another reason I support these markets is their role in hedging real financial risks. For me, trading on Kalshi has been a way to manage uncertainty around events that could impact my investments or personal finances, like election results or policy shifts. Its not gambling; its a practical tool, much like any other derivative market. I know businesses use these markets for similar reasons, hedging against regulatory or economic changes. Thats a legitimate economic purpose the CFTC should recognize. I also want to stress that regulated markets like Kalshi are far safer than unregulated offshore platforms. If the CFTC over-restricts or bans certain event contracts, activity will just move to less transparent venues where theres no oversight. Thats worse for everyone. And on the topic of risks like manipulation or insider trading, I believe the CFTC already has robust tools to address these issues. The same laws and enforcement powers that apply to other derivatives can work here. Banning or overly restricting prediction markets to stop a few bad actors punishes honest participants like me. Id like to address a couple of specific questions from the ANPR. On Question 7, regarding public interest, I believe prediction markets serve the public by providing better information for decision-making. On Question 29, about inside information, I think informed traders often improve price accuracy, and existing laws already prohibit federal officials or others from abusing nonpublic information. Lets enforce those rules instead of broad prohibitions. In closing, I ask the CFTC to support proportionate regulation of prediction markets. Dont ban or over-restrict them. These markets offer real value for forecasting, hedging, and public information, and with the right oversight, they can thrive safely. Thank you for considering my input. Sincerely, Windrum Gregory