Democratic Congressman Don Davis has introduced the "No Betting on Your Own Race Act," legislation prohibiting federal candidates from trading prediction market contracts related to their own elections. The bill proposes penalties of $10,000 or three times the net proceeds of the trade, whichever is higher, for violators.
The proposal follows an incident involving Republican candidate Laurie Buckhout, who was fined nearly $2,600 and suspended from Kalshi for three years after trading contracts on her own campaign. While the US Senate previously banned senators and staff from such trading, this legislation would extend restrictions to all federal candidates. The bill is unlikely to advance during the current midterm cycle as Congress remains out of session until after the election.
US Congressman Proposes Ban on Candidates Trading Own Election Contracts on Prediction Markets
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